Meme coin projects have been experiencing a bull rally lately. So much so that they dominate the top five performances of the week. PEPE, in particular, is leading the rise with gains of over 385 percent in the last seven days. This brings to the agenda the traders who made extraordinary profits from PEPE.
A trader made extraordinary profits with this meme coin!
cryptokoin.comAs you follow from , there is a meme coin storm in the market. Meme coins including Dogecoin and Shiba Inu are witnessing strong gains. PEPE, especially the focus of whales, experienced a complete explosion. Taking advantage of this volatility, one of the early investors of the meme coin raised $3,000 to over $35 million, according to a report by on-chain analytics platform Lookonchain.
In particular, the tracked account ‘0x25C…66E2a’ purchased 4.9 trillion PEPE with $3,000 in the first days. This amount is currently worth over $35.5 million at $0.000007 per token. However, the original investor realized some of his profits in the last few days. The account has so far sold 760 billion PEPE for $2 million. The address currently holds 4.15 trillion tokens worth $30.8 million. Additionally, he is among the 13 richest PEPE whales.
The patient PEPE whale got his wish!
In another place, there was a whale that PEPE made rich. This whale won by being patient even though he bought PEPE at a high price. According to Lookonchain, he turned the approximately $1 million PEPE he received last year into $3.5 million. The analytics platform shared the following information regarding the transactions of the whale in question:
A trader bought 600B PEPE ($1.04 million) from Binance at a high price last year. After 10 months of patient waiting, PEPE experienced an increase! He deposited 200B PEPE ($1.48 million) on Binance for profit and was left with 400B PEPE ($2.91 million).
Meme coin enthusiasm dominates the crypto market
Meme coin enthusiasm has returned to the cryptocurrency market. That’s why experts warn that investors should be careful. Interestingly, among the top 100 cryptocurrencies, the best five-week performance belongs to meme coins. PEPE leads the way with a 385% gain in the last seven days and $3.3 billion in change in the last 24 hours. Dogwifhat (WIF), FLOKI, Shiba Inu (SHIB) and BONK make up the rest of the top five. In this context, Ethereum (ETH) is still the most profitable DeFi Blockchain for meme coin speculation. Meanwhile, Solana representatives managed to gain a significant market share with WIF and BONK.
However, meme coins are entirely a speculative demand. Therefore, it is possible that they will disappear as quickly as they came. Trading these cryptocurrencies is risky. Also, the volatility can be tremendous both on the upside and downside. Once the enthusiasm and greed are gone, meme coins have no recovery perspective due to the lack of fundamentals and organic demand. Investors should understand the nature of recreational tokens and never invest more money than they can lose.
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