Trader Nets Over 10,000,000% in Profits on Dogecoin and Shiba Inu Competitor in Just 20 Months: Lookonchain

Blockchain tracker Lookonchain says one savvy crypto trader gained a 10,000,000% profit in less than two years on a Dogecoin (DOGE) and Shiba Inu (SHIB) rival.

According to Lookonchain, one anonymous trader turned just $70.40 into $7.06 million in only 20 months by purchasing memecoin Pepe (PEPE) in the early days.

“An early buyer who spent only 0.035 ETH ($70.40) to buy 2.61 trillion PEPE ($57.3 million currently) deposited the remaining 189.4 billion PEPE($4.15M) to Kraken [on Thursday]. Even though he sold most of his PEPE early on, he turned $70.40 into $7.06 million – a return of over 100,000x.”

Lookonchain also noticed other large Pepe holders realizing massive profits this week.

One Pepe trader was spotted realizing a gain of more than 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 that time) from Gemini on Sept 20th, 2023, and sold 19.55 billion PEPE for $244,000 between February 17th and September 26th this year. [On Tuesday], he deposited the remaining 356.1 billion PEPE ($7.28 million) into Kraken.”

Another Pepe trader realized $1.31 million in profits.

“A whale bought 240 billion PEPE ($3.64 million) at a high price on May 29th, and the price of PEPE dropped afterward. But instead of panic selling, he held on for six months. [On Wednesday], he sold his 240 billion PEPE ($4.95 million), making a profit of $1.31 million!”

Despite the profit taking, Lookonchain notices massive buying is still happening by deep-pocketed investors.

“Whales continue to accumulate PEPE! A whale has withdrawn 337.09 billion PEPE ($6.92 million) from Binance in the past 20 days.”

PEPE is trading for $0.00002113 at time of writing, down 2.4% in the last 24 hours.

Generated Image: Midjourney