How a Memecoin Investor Turned $26 Into $61.5M?

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As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that the memecoin phenomenon continues to amaze me. The rise of PEPE from obscurity to one of the top memecoins to buy in 2024 is nothing short of extraordinary. However, the story of the investor who turned $26 into $61.5M with this frog-themed crypto is both fascinating and tragic at the same time – a classic case of “be careful what you wish for.

In the world of well-known cryptocurrencies such as Bitcoin and Ethereum, memecoins have developed a distinct following among enthusiasts. These coins, initially associated with internet memes and humor, entered the market carrying an inherent risk but offering significant potential rewards. Recently launched tokens like PEPE, for example, not only capitalize on this high-risk, high-reward nature but also provide multiple uses in crypto trading. The sudden surge in popularity of PEPE, triggered by a price rally in May, has left investors exhilarated, with one investor turning $26 into a staggering $61.5M by investing in this frog-themed cryptocurrency, leaving everyone astounded.

Memecoin Investor Submerged In Profits But With A Catch

In April 2023, an astute investor in memecoins accurately predicted PEPE’s growth potential and invested a modest sum of 0.013 ETH, which was approximately $26 at the time. This investment granted him ownership of an impressive 2.52 trillion tokens, as the token was relatively new and had yet to garner much investor interest. Over the ensuing period, its value skyrocketed, transforming the initial $26 into a staggering $61.5 million, resulting in a highly profitable cryptocurrency trading endeavor for the investor.

This #MEME sniper spent just 0.013 $ETH($26) to buy 2.52T $PEPE, which is now worth $61.5M!

However, the address was blacklisted by the dev, he can’t sell these $PEPE!

Address:
0xaf2358e98683265cbd3a48509123d390ddf54534

— Lookonchain (@lookonchain) November 14, 2024

Remarkably, PEPE was insignificant just a year ago, but it’s now one of the recommended memecoins for investment in 2024. This transformation occurred following its exceptionally bullish start this year, where PEPE reached its previous All-Time High (ATH) of $0.00001669. However, despite earning millions in profit, an investor with the wallet address “0xaf2358e98683265cbd3a48509123d390ddf54534” is unable to sell his tokens due to being blacklisted by the developers. The rationale behind this action remains unclear, and even a post on Lookonchain did not provide an explanation in their article.

PEPE Price Hit An ATH Thanks To Whales

Over the past few days, large crypto investors, often referred to as ‘whales’, have been actively buying up billions of tokens in the cryptocurrency market. Notably, a massive whale has transferred 500 billion PEPE tokens, equivalent to around $11.38 million, into the well-known exchange, Coinbase. Data from Lookonchain shows that this whale spent approximately 1.173 Ethereum (around $2.04 million) to purchase these tokens between May 6 and September 10, 2023. At the time of purchase, the price was relatively low, but over a year-long holding period, it has experienced extraordinary growth, leaving the whale with a remaining 1.5 trillion PEPE tokens ($36 million). This move has resulted in a potential profit of $45 million for the whale.

A giant whale deposited 500B $PEPE($11.38M) into #Coinbase to take profits!

From May 6 to September 10, 2023, this whale expended approximately 1,173 Ether (equivalent to around 2.04 million dollars) to acquire about 2 teropepes (or 2 trillion pepe). At present, the whale retains a remaining balance of around 1.5 teropepes (or 36 million dollars) worth of pepe.

The total profit exceeds $45M!

— Lookonchain (@lookonchain) November 14, 2024

Another crypto whale has also run on the same crypto trading path, withdrawing nearly 197.39B tokens ($4.8M) from Binance. With such increased whale activity, it is clear why the memecoin price has surged 120% over the week and 74% over the last 24 hours, creating an ATH of $0.00002524 just a few hours ago.

What’s Coming Next?

The price of PEPE has experienced a significant surge recently due to frequent whale activities and notable listings on popular cryptocurrency exchanges like Coinbase, Robinhood, and Upbit. These recent announcements of the token’s listing have increased its market demand significantly. Furthermore, the bullish sentiment in the crypto trading market is strong right now, with traders feeling greedy, which likely contributed to this rally.

Despite the fact that the all-time high (ATH) price has dropped substantially to the current level of $0.00002232, the coin is consolidating after experiencing strong buying. If the user’s positive sentiments persist, there could be potential for further gains, but a sell-off might occur leading to a trend reversal. At present, the memecoin’s market capitalization and trading volume of $9.41B and $20.77B respectively, demonstrate its recent achievement, providing new opportunities for its investors.

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2024-11-14 11:52