One savvy crypto trader and deep-pocketed investor is drawing attention for making huge profits trading meme token Pepe (PEPE).
Blockchain tracking firm Lookonchain says an anonymous trader moved 427 billion Pepe tokens worth $8.5 million at the time of the transfer to US-based crypto exchange Kraken where the crypto trove could potentially be sold on the open market.
Meanwhile, the whale continues to hold one trillion PEPE worth $18.4 million at the time, showing a profit of about $2 million.
According to Lookonchain, the same trader just last month gained millions of dollars in profit by selling all his Pepe holdings during the initial stages of a December market correction. The sale came after the trader had accumulated more than one trillion Pepe tokens between March and September of 2024.
The trader subsequently bought more than one trillion PEPE again in late December as the memecoin’s price stabilized.
Said Lookonchain at the time,
“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.”
Pepe is trading for $0.000018 at time of writing, down 4.2% in the last 24 hours. With a market cap of $7.5 billion, Pepe is the 29th-largest crypto project.
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