Crypto Trader’s $46 Million Profit from PEPE Sparks Insider Trading Suspicions

A Crypto Trader's Remarkable Profit Raises Questions

A crypto trader has made headlines after turning a modest $3,000 investment into over $46 million by trading Pepe (PEPE). The on-chain tracking platform Lookonchain highlighted this remarkable profit, amounting to a 15,718x return. This success story showcases the volatility and potential of meme coins. However, it also raises questions about the timing and knowledge behind such trades.

PEPE Trader's Remarkable Profit

Lookonchain outlined that the trader initially invested nearly $3,000 on April 15, 2023, to purchase 4.9 trillion PEPE tokens. Since then, PEPE's value has skyrocketed, allowing the trader to sell portions of their holdings for substantial profits. They sold 1.41 trillion PEPE for $7.4 million and 255 billion PEPE for approximately $2.3 million. Despite these sales, the trader still holds 3.5 trillion PEPE, valued at around $38.9 million based on current prices.

Insider Knowledge Allegations

The purchase date raised questions among the crypto community since it was close to PEPE's launch time. On the same date, on-chain data revealed that the trader swapped 20,000 Timeless (LIT) tokens, worth roughly $2,256, to buy 3.4 trillion PEPE. Given LIT's relatively obscure status and market capitalization of only $3.6 million, the decision to trade LIT for PEPE at that moment suggests a level of insider knowledge.

PEPE's Meteoric Rise

Regardless of the trader's insider status, PEPE has experienced a meteoric rise. CoinGecko data indicates that PEPE reached a new all-time high of $0.00001151 today, marking its second record high this week. With a market capitalization of $4.68 billion, PEPE now ranks third among meme coins, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).

Renewed Interest in Meme Assets

PEPE's recent success can be attributed to the renewed interest in meme assets following the return of Keith Gill, also known as "The Roaring Kitty." Gill, famed for his role in the GameStop stock frenzy, recently resurfaced on social media, igniting a wave of speculation and investment in meme coins and stocks.

Conclusion

The crypto trader's remarkable profit with PEPE highlights the potential for huge returns in the volatile world of meme coins. However, the allegations of insider knowledge raise ethical concerns and questions about the transparency of such trades. As the popularity of meme assets continues to grow, it remains crucial for investors to exercise caution and conduct thorough research before making any investment decisions.