One mysterious crypto trader and wealthy investor has been making waves in the market by raking in massive profits trading the meme token Pepe (PEPE).
According to blockchain tracking firm Lookonchain, an unidentified individual recently transferred a staggering 427 billion Pepe tokens valued at $8.5 million to the US-based cryptocurrency exchange Kraken. This move has sparked speculation that the trader may be looking to sell off their holdings on the open market.
Despite the transfer, the trader still holds a whopping one trillion PEPE tokens, which are currently worth $18.4 million. This indicates a profit of approximately $2 million for the trader.
Interestingly, this isn’t the first time this trader has made a significant profit from trading Pepe. Just last month, they cashed in millions of dollars by selling off all their Pepe holdings during the early stages of a market correction in December. The trader had amassed over one trillion Pepe tokens between March and September of 2024 before making the profitable sale.
Following the market correction, the trader reinvested in Pepe by acquiring another one trillion tokens in late December as the price of the memecoin stabilized.
Lookonchain commented on the trader’s savvy moves, 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.”
As of the time of writing, Pepe is trading at $0.000018, experiencing a 4.2% decrease in the last 24 hours. With a market cap of $7.5 billion, Pepe currently ranks as the 29th-largest cryptocurrency project.
For the latest updates and insights on the crypto market, be sure to subscribe to receive email alerts directly to your inbox. Stay informed about price action and follow us on Twitter, Facebook, and Telegram. Join The Daily Hodl Mix for a diverse range of content.
Image Source: Lookonchain/X
In conclusion, this crypto trader’s strategic moves in trading Pepe have proven to be highly profitable, showcasing their keen understanding of the market dynamics. As the crypto space continues to evolve, it will be interesting to see how this trader’s investment strategies unfold in the future.