Surprising growth: Pepecoin mock coin made 5,000,000% profit
The pseudonymous cryptotrader bought trillions of a meme coin three weeks ago on UniSwap for $263, and still holds about $9 million of PEPE after selling for several million dollars, according to blockchain platform Arkham.
The surprisingly rapid growth of pepecoin (PEPE), a meme coin introduced just a few weeks ago that is now worth more than $1 billion, is making huge fortunes for those who are not stopped by warnings that it is a joke that will end badly. A perfect example: a pseudonymous trader under the nickname dimethyltryptamine.eth spent $263 just three weeks ago to buy trillions of PEPE tokens. Those pennies have turned into $3.8 million in profits from the tokens he’s already sold, and the remaining assets are worth about $9 million, according to Arkham Intelligence, a blockchain research company. That’s almost 5,000,000% profit.
The trader benefited from the rapid growth of the coin, based on the «Pepe»frog meme, a popular symbol in cryptocurrency circles. Launched in April, the meme coin’s market capitalization on Friday astonishingly exceeded $1 billion and, according to CoinGecko, at one point was worth more than Arbitrum’s ARB, which is also among the «hottest tokens of 2023.
Analysts, however, have raised concerns about concentrated ownership of Pepecoin, pointing out that several traders bought significant amounts of PEPE when the token was released last month. Lookonchain found that five accounts associated with a wallet owned by pepecexwallet.eth, which received funds directly from a contract to deploy the token, purchased more than 8.87 trillion PEPE after the release for just $385.
Dimethyltryptamine.eth, which was not listed among Lookonchain’s insider wallets but is among the earliest buyers, purchased 5.907 trillion PEPE tokens for $263 in two transactions on April 14 via UniSwap, Arkham shows. The trader also paid a $17 gas fee.
Since then, the trader has gradually made a profit, sending small amounts to UniSwap several times a day and receiving ether (ETH) in return. Over the past month, according to Arkham, the wallet has sent $3.8 million in PEPE to UniSwap, presumably for profit, with $2.4 million transferred in the last 24 hours.
The purse has been sending PEPE to UniSwap since then.
