Blockchain tracker Lookonchain claims a savvy crypto trader made a 10,000,000% profit in less than two years on rival Dogecoin (DOGE) and Shiba Inu (SHIB).
According to Lookonchain, an anonymous trader turned just $70.40 into $7.06 million in just 20 months by purchasing the memecoin Pepe (PEPE) early on.
“An early buyer who spent only 0.035 ETH ($70.40) to purchase 2.61 trillion PEPE ($57.3 million currently) deposited the remaining 189.4 billion PEPE ($4.15 million dollars) at Kraken (Thursday). Even though he sold most of his PEPE early on, he turned $70.40 into $7.06 million, a return of more than 100,000 times.
Lookonchain also noticed that other large Pepe holders made massive profits this week.
A Pepe trader was spotted making a gain of over 3,018%.
“After holding for over a year, this trader turned $241,500 into $7.53 million! This trader withdrew 375.65 billion PEPE ($241,500 at the time) from Gemini on September 20, 2023 and sold 19.55 billion PEPE for $244,000 between February 17 and September 26 of this year. (Tuesday) he deposited the remaining 356.1 billion PEPE ($7.28 million) into Kraken.
Another Pepe trader made $1.31 million in profits.
“A whale bought 240 billion PEPE ($3.64 million) at a high price on May 29, and the price of PEPE subsequently fell. But instead of selling in a panic, he held on for six months. (Wednesday), he sold his 240 billion PEPE ($4.95 million), making a profit of $1.31 million!
Despite the profit taking, Lookonchain notes that investors with deep pockets continue to buy massively.
“Whales continue to accumulate PEPE! A whale withdrew 337.09 billion PEPE ($6.92 million) from Binance over the last 20 days.
PEPE is trading at $0.00002113 at the time of writing, down 2.4% in the last 24 hours.
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