An altcoin project has left its mark on the cryptocurrency market in recent days. The astronomical rise in the price of this altcoin helped a whale make a profit of almost 5,000,000 percent. According to data from Arkham, a crypto trader bought trillions of meme coins for $263 on UniSwap. The trader made several million dollars worth of sales. However, it still has about $9 million in PEPE.
Astronomical profit on controversial altcoin!
Introduced just a few weeks ago, the meme coin is currently worth more than $1 billion. The extremely rapid rise of PEPE Coin (PEPE) has taken everyone by surprise. It makes huge fortunes for those who do not heed the warnings in the market that this is a whim that will turn out badly.
A perfect example of this: he became a trader with the pseudonym dimethyltryptamine.eth. The trader spent just $263 to purchase trillions of PEPE tokens three weeks ago. According to data from blockchain research firm Arkham Intelligence, this formerly minuscule amount has turned into a profit of $3.8 million from the tokens they have already sold. Furthermore, his remaining assets are worth around $9 million. This means a profit of almost 5,000,000%.
The trader is taking advantage of the dizzying rally of a crypto based on the “pepe the frog” meme, a popular symbol in crypto circles. As you follow on Kriptokoin.com, the meme coin released in April has a staggering $1 billion market cap on Friday, and according to CoinGecko, Arbitrum, which at one point was among the hottest newly issued tokens of 2023. It has become more valuable than its ARB.
What’s behind the processes?
However, analysts point out that a handful of traders received significant amounts of PEPE when the token was released. In this regard, they are expressing their concerns regarding the intensive ownership of PEPE Coin. Blockchain detective Lookonchain has revealed that five accounts linked to a wallet owned by pepecexwallet.eth, which received funding directly from the token’s distributor agreement, purchased more than 8.87 trillion PEPE for just $385 after issuance.
Dimethyltryptamine.eth, which is not listed among insider wallets by Lookonchain but is among the earliest buyers, purchased 5.907 trillion PEPE tokens for $263 in two transactions using UniSwap on April 14, according to Arkham. The trader also paid $17 for gas fees.
Since then, the trader has sent smaller quantities to UniSwap several times a day. Thus, he gradually takes profits by buying Ethereum (ETH) in return. The wallet sent $3.8 million in PEPE to UniSwap last month, possibly for profit, according to Arkham data. Meanwhile, he transferred $2.4 million of that in the last 24 hours.
PEPE Coin trader makes profit / Source: Arkham IntelligenceFollow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channel to stay up to date with developments in ten minutes!
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