The cryptocurrency market is always full of surprises, and one savvy trader is making waves with their impressive profits from trading meme token Pepe (PEPE). According to blockchain tracking firm Lookonchain, an anonymous trader recently transferred a whopping 427 billion Pepe tokens, valued at $8.5 million, to US-based crypto exchange Kraken. This move has the potential to shake up the market as the tokens could be sold on the open market.
Despite the massive transfer, the trader still holds one trillion PEPE tokens, currently worth $18.4 million, indicating a profit of approximately $2 million. This trader has a history of making strategic moves to maximize profits. In a similar move last month, they sold all their Pepe holdings during a market correction in December, earning millions in profit. The trader had initially accumulated over one trillion Pepe tokens between March and September of 2024, only to buy back more than one trillion PEPE again in late December as the price stabilized.
Lookonchain praised the trader’s foresight, stating, “This smart whale sold all his PEPE during the market drop on December 19th, making a total profit of $11.7 million on PEPE! Over the past six days, after the market decline, the whale accumulated 1.42 trillion PEPE ($24.5 million) again.”
Currently, Pepe is trading at $0.000018, showing a 4.2% decrease in the last 24 hours. With a market cap of $7.5 billion, Pepe ranks as the 29th largest cryptocurrency project. The trader’s strategic moves and ability to capitalize on market fluctuations have certainly caught the attention of the crypto community.
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(Image source: Lookonchain/X)
(Source: Midjourney)