PEPE Investor Turns $3,000 Into $73 Million – Is This the Greatest Crypto Flip Ever?

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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December 11, 2024

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PEPE has fallen by 7.5% in the past 24 hours, sliding to $0.0000236 as the crypto market drops by 1% today.

The meme token had enjoyed a very strong 30 days, setting a new ATH of $0.00002803 only two days ago.

So even with today’s loss it remains up by 13% in a week and by 92% in a month, with its momentum leading to some very positive PEPE price predictions for the coming months.

Such gains have resulted in some very big profits for certain farsighted traders, with chain data showing that one whale has turned a $3,000 investment into a $73 million profit over the course of a year and a half, highlighting PEPE’s ongoing potential as a vehicle for substantial returns.

PEPE Investor Turns $3,000 Into $73 Million – Is This the Greatest Crypto Flip Ever?

Posting on X yesterday, wallet tracker Lookonchain noted that one “legendary” trader purchased 4.91 trillion PEPE for only $3,000 in April 2023.

Since then, the trader has sold around 3 trillion PEPE across separate transactions, netting $27.5 million.

What’s impressive is that the same trader still holds approximately 1.88 trillion PEPE, worth $45.6 million according to today’s prices.

This means that, in total, they’ve made a whopping 24,656x return, in about a year and a half.

Not only does this trader still have 1 trillion PEPE, but other whales are continuing to accumulate the coin, suggesting that more gains are coming.

Indeed, Lookonchain has also tweeted that nine wallets (possibly belonging to the same whale) accumulated 555 billion PEPE in only a few hours yesterday.

And with PEPE’s trading volume at around $8 billion today, this shows how demand for the coin remains very strong.

Its chart today suggests that it’s already regaining momentum after correcting in the wake of its new ATH.

Its relative strength index (purple) has bounced back from around 35 to 50 in the past hour, signalling a return of buying pressure.

Additionally, we see PEPE’s 30-period average (orange) flatten out after a big dip, suggesting that the coin is re-entering a growth spurt.

This also receives support from the fact that the coin’s price has risen above the same average, again pointing to a bullish reversal.

Based on this, PEPE could reach $0.00002600 by the end of the week, and $0.000030 by the end of the month.