A savvy crypto trader and deep-pocketed investor is gaining attention for making huge profits trading the Pepe (PEPE) meme token.
Blockchain tracking company Lookonchain said an anonymous trader moved 427 billion Pepe tokens worth $8.5 million at the time of transfer to US-based crypto exchange Kraken, where crypto treasure could potentially be sold on the open market.
Meanwhile, the whale continues to hold a trillion PEPE worth $18.4 million, representing a profit of around $2 million.
According to Lookonchain, last month the same trader made millions of dollars in profits by selling all of his holdings in Pepe during the early stages of a December market correction. The sale took place after the trader accumulated over a trillion Pepe tokens between March and September 2024.
The trader then repurchased over a trillion PEPE in late December as the memecoin price stabilized.
Lookonchain said at the time,
“This smart whale sold all of his PEPE during the December 19 market drop, making a total profit of $11.7 million on PEPE! Over the past six days, after the market decline, the whale has again accumulated 1.42 trillion PEPE ($24.5 million).
Pepe is trading at $0.000018 at the time of writing, down 4.2% in the last 24 hours. With a market capitalization of $7.5 billion, Pepe is the 29th largest crypto project.
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