A trader who masterfully drove the rise of the memecoin Pepe (PEPE) has doubled his massive stake, according to on-chain data.
First spotted by blockchain tracking company Lookonchain, a “smart money” Ethereum (ETH) address printed profits of over 4,500% by buying PEPE early and taking profits recently.
Lookonchain says the same trader is now taking his profits and investing them back into PEPE during the price drop. On-chain data shows the entity selling their ETH for more PEPE on the decentralized crypto exchange Uniswap (UNI).
“A SmartMoney that earned 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to buy another 1.33 trillion PEPE… The purchase price is $0.000001586.
He bought 2.24 trillion PEPE with 26 ETH ($48,000) for $0.00000002166, then sold for 1.245 ETH ($2.24 million) for $0.0000009985, making a profit of 48x.
Popular pseudonymous crypto trader and analyst Altcoin Sherpa recently weighed in on PEPE, saying current price levels could be a good place for bulls to enter bids. He say he expects PEPE to go much lower eventually, but that a step higher is still on the table in the near term.
“This is the area ($0.00000112) I’m looking at here. I would expect something like that where we chop around and then maybe go up (to $0.0000023), then come back down.
I wouldn’t be surprised at all, just to be clear, if this ends up going much lower, and my position is really only one where it’s just a scalp. I’m just going to take this next step up.
At the time of writing, PEPE is trading at $0.00000175.
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