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A crypto investor made headlines after turning a $3,000 investment into over $46 million through a Pepe trade. Blockchain data tracking platform Lookonchain shared this extraordinary transaction, which achieved a 15,718x return, with its followers. The investor’s success story highlights the volatility and potential of memecoin projects but raises questions about the timing and knowledge behind such trades.
An Investor’s Success Story Emerges
Lookonchain noted that the investor initially bought 4.9 trillion PEPE tokens on April 15, 2023, with an investment of approximately $3,000, and since then, PEPE’s value has rapidly increased. This allowed the investor to sell some of their holdings for significant profits.
The investor sold 1.41 trillion PEPE for $7.4 million and 255 billion PEPE for approximately $2.3 million. Despite these sales, the investor still holds 3.5 trillion PEPE, valued at around $38.9 million at current prices. According to Lookonchain data, the investor’s total profit is $46.3 million.
However, the purchase date being close to PEPE’s launch time raised questions within the crypto community. Additionally, on the same date, on-chain data revealed that the investor swapped approximately $2,256 worth of 20,000 Timeless (LIT) tokens to purchase 3.4 trillion PEPE.
Given LIT’s relatively obscure status and a market cap of only $3.6 million, the decision to swap LIT for PEPE at that moment suggests insider knowledge. On April 15, 2023, the LIT token was trading at $0.111814, contrasting sharply with its current price of $0.001539. This further fueled speculation about the investor’s possible insider knowledge and highlighted the trade’s timely and extraordinarily profitable nature.
Famous Figure Returns
Regardless of the investor’s insider knowledge, PEPE experienced a rapid rise. CoinGecko data shows that PEPE reached an all-time high of $0.00001151 today, marking its second record high this week. PEPE ranks third among memecoin projects, following Dogecoin (DOGE) and Shiba Inu (SHIB), with a market cap of $4.68 billion.
PEPE’s recent success can be attributed to renewed interest in meme assets following the return of Keith Gill, also known as Roaring Kitty. Known for his role in the GameStop stock frenzy, Gill recently reappeared on social media, sparking a wave of speculation and investment in memecoins and stocks.
