Cryptocurrencies

An unknown trader made more than $46 million in profit from trading Pepe Coin

An unknown trader made more than $46 million in profit trading Pepe (PEPE) memecoin. Could the GameStop saga bring back the memecoin season?

The trader made more than 15,000 times profit in PEPE

One savvy trader made $46 million in profits, representing a staggering 15,718x return on his initial investment of $3,000.

The anonymous wallet was bought by $4.9 trillion Pepe for $3,000 on April 15, which is now worth more than $56 million. According to a May 15 report by Lookonchain, the seller sold $1.41 trillion worth of PEPE for $7.4 million and currently has $3.5 trillion worth of PEPE worth $38.9 million. mail.

Smart trader Pepe’s deals. source. Lokonkhi

Pepe’s current market cap of $4.5 billion makes it the third largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB). Pepe is up more than 40% in the last seven days.

An Unknown Trader Made More Than $46 Million In Profit From Trading Pepe Coin
PEPE/USDT, weekly chart. source. TradingView:

Memecoins “Symptom of Disillusioned Generation”

Memcoins’ recent success is the result of disillusioned younger generations, similar to the punk music genre, which became a popular music movement after initial criticism, according to Hao Yang, head of financial products at ByBit exchange.

Yang told Cointelegraph.

“The success of meme currencies, like punk rock, can be seen as a symptom of the frustration of young investors who have seen the opportunities available to their parents disappear.”

Furthermore, billion dollar memes show the absurdity of the financial system, Yang added.

“By printing tokens out of nothing and growing them to a valuation of billions of dollars, these creators demonstrate the absurdity of our current monetary system.”

Related to: Has the price of Bitcoin reached $56,000? BTC price chart shows breakout over days

Is GameStop’s GME Stock Boosting Meme Coins?

Pepe’s current rally could be tied to a return to the frenzy in GameStop stock. GameStop ( GME ) stock price began to rise on May 13, after Keith Gill, widely credited with sparking GameStop’s 2021 short squeeze, made a surprise return to social media after a nearly three-year hiatus.

On May 13, Pepe hit a new all-time high of over $0.000010, a day after Jill returned to the social network. Shares of GameStop surged more than 111% in the 24 hours since Gill’s return. In a single day, GameStop stock outperformed Bitcoin’s annual return.

GameStop’s growth is likely the main reason behind Pepe’s price hike, according to Meter CEO Xiaohan Zhu. Chu told Cointelegraph.

“The GME saga may be one factor contributing to PEPE’s momentum. I attribute the recent decline in cryptocurrencies mainly to profit-taking and the listing of many large-scale projects on exchanges, thus absorbing a lot of market liquidity.

While it’s hard to predict the start of an all-out memecoin wave, some traders believe GameStop’s profits will find their way into altcoins similar to the 2021 bull run.

According to cryptocurrency analyst CryptoAmsterdam on May 14, the 2021 altcoin rally, based on historical charts, was triggered shortly after the GameStop rally. mailwhich refer to the charts below.

An Unknown Trader Made More Than $46 Million In Profit From Trading Pepe Coin
GME and altcoins. source. Amsterdam crypt

Not all memes will likely benefit from the GameStop saga, but Pepe seems poised to go even higher as he pitches retail investors the story behind the GameStop pump, according to Tezos TriliTech Art Director Alexandra Artamonovskaya.

He told Cointelegraph:

“In addition to being the most popular meme on the Internet, Pepe is his own culture and anti-establishment icon, a symbol of freedom and hope, a story tied to the GME saga.”

Related to: Altcoins to fall in early summer before rally – Analyst

This article does not contain investment advice or recommendations. Every investment and trading move involves risks and readers should do their own research when making a decision.

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