Trader made a $46 mln profit in PEPE with $3k investment: Report

In recent days, the world's third-biggest meme coin, Pepe (PEPE), has gained massive popularity due to its significant price surge amid the ongoing struggles in the cryptocurrency market. On May 15, 2024, an on-chain analytics firm, Lookonchain, made a post on X (previously Twitter) that a trader made $46 million with just $3,000 of investment. This translates to a huge 15,718X gain.

Whales Selling PEPE Coins

As the price of PEPE increased over the last few days, this trader sold a massive 255 billion PEPE worth $2.3 million for profit. Lookonchain highlighted in its post that this trader initially spent $3,000 to buy a massive 4.9 trillion PEPE token on April 15, 2023. The trader sold 1.41 trillion PEPE for $7.4 million and currently holds 3.5 trillion PEPE worth $38.9 million in their wallet. Additionally, their total profit on PEPE meme coins has reached $46.3 million.

Another trader sold 140 billion PEPE tokens, which is 10% of their total holdings, for $1.57 million, according to Lookonchain. Currently, this trader holds 1.26 trillion PEPE worth $14 million, and their total profit exceeds $14 million with an ROI of 943%.

These traders' activities highlight investors' interest in profit-booking in PEPE tokens. Additionally, this massive selling of PEPE may cause a price drop.

PEPE Technical Analysis and Key Levels

Despite this significant selling, PEPE is currently trading near $0.000011 and has experienced a price surge of over 4% in the last 24 hours. Over a longer period, in the last 7 days, PEPE experienced a price surge of over 40%, and in the last 30 days, it saw a massive price surge of nearly 100%.

According to expert technical analysis, PEPE looks bullish on a daily timeframe, and the recent price surge may be caused by the breakout of the bullish flag and pole pattern. With this breakout and recent price surge, PEPE on May 15, 2024, made a new all-time high of $0.00001161. There is high potential for PEPE to see bullish upside momentum over a longer timeframe. However, in a shorter timeframe, there might be a possibility of a slight price correction due to ongoing profit booking.