A savvy crypto trader and investor with deep pockets is turning heads for making huge profits trading meme token Pepe (PEPE).
Blockchain tracking company Lookonchain say 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 treasure could potentially be sold on the open market.
Meanwhile, the whale still owns a trillion PEPE worth $18.4 million at the time, making a profit of about $2 million.
According to Lookonchain, the same trader made millions of dollars in profits last month by selling all his Pepe shares during the first phase of a market correction in December. The sale came after the trader collected more than a trillion Pepe tokens between March and September 2024.
The trader then bought more than a 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 and made a total profit of $11.7 million on PEPE! Over the past six days, after the market decline, the whale has again collected 1.42 trillion PEPE ($24.5 million).”
Pepe is trading at $0.000018 at the time of writing, down 4.2% in the last 24 hours. With a market capitalization of $7.5 billion, Pepe is the 29th largest crypto project.
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Generated image: Midjourney