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The astonishingly rapid surge of PepeCoin (PEPE), a meme-based cryptocurrency launched only a few weeks ago, which now has a market capitalization exceeding $1 billion, is generating enormous profits for those who remain unfazed by the cautionary advisories that this trend will eventually meet a disastrous end.
A Case in Point: Dimethyltryptamine.eth, an Anonymous Trader, Invested a Mere $263 Three Weeks Ago to Acquire Trillions of PEPE Tokens, Resulting in an Astounding Profit of $3.8 Million from the Tokens They Have Already Sold, While Their Remaining Holdings Are Valued at Approximately $9 Million, Based on the Findings of Blockchain Research Company Arkham Intelligence. This Translates to a Nearly 5,000,000% Return on Investment.
The trader is profiting from the meteoric surge of a cryptocurrency inspired by the "Pepe the Frog" meme, a popular icon in the world of cryptocurrencies. Introduced in April, the market capitalization of the meme-based coin remarkably exceeded $1 billion on Friday, and at one point, as per CoinGecko, it was valued higher than Arbitrum's ARB, which is also one of the hottest newly issued tokens of 2023.
Despite the astonishing success of pepecoin, analysts have expressed apprehension about its concentrated ownership, highlighting a small group of traders who amassed significant quantities of PEPE during its launch last month. According to the blockchain investigation firm Lookonchain, five accounts linked to pepecexwallet.eth's wallet, which received funds directly from the token's deployment contract, bought over 8.87 trillion PEPE for a meager $385.
Dimethyltryptamine.eth, one of the earliest investors who was not mentioned in Lookonchain's list of insider wallets, bought 5.907 trillion PEPE tokens for $263 in two transactions on April 14 via UniSwap, as per Arkham's data. The trader also paid $17 in gas fees for the transactions.
Subsequently, the trader has been consistently realizing profits by sending smaller amounts of PEPE multiple times a day to UniSwap and receiving ether (ETH) in exchange. Based on Arkham's records, the wallet has sent $3.8 million worth of PEPE to UniSwap over the last month, likely to cash out profits, with $2.4 million of that total transferred in the past 24 hours.
Source Coindesk
