- The Pepe whale meticulously turned a mere $27 investment into a massive $52 million profit
- The whale had spent 0.0135 Ethereum ($ETH) or $27 to buy 2.1T $PEPE and has held it until recently
- The whale had been dormant for 600 days
In the world of cryptocurrencies, anything is possible—massive losses, massive profits, stagnation, and even quickly becoming a millionaire or falling into penury.
For a certain trader of the popular meme coin Pepe, it was a massive profit and entry into the millionaire category. As revealed by the blockchain analytics firm Lookonchain, the Pepe trader meticulously turned a mere $27 investment into a massive $52 million profit.
Memecoins have made a lot of new cryptocurrency investors millionaires despite their lack of inherent value. By trading the Pepe token in May, another astute trader made over 15,700 times their initial investment, turning $3,000 into $46 million.
Just last November, another trader who decided to buy a largely unknown meme coin, Chill Guy (CHILLGUY), also made massive profits. The smart trader turned an initial investment of $865 into $6.4 million, trading the Solana network-launched meme coin.
How Pepe trader turned $27 investment into a massive $52 million profit
According to an X post by Lookonchain, the trader described as a whale had spent 0.0135 Ethereum ($ETH) or $27 to buy 2.1T $PEPE and held it until recently. The analytics firm said the whale had been dormant for 600 days. A crypto whale is a person or trader who holds large amounts of cryptocurrency.
“A $PEPE whale that had been dormant for 600 days transferred all 2.1T $PEPE($52M) to a new address. This whale initially only spent 0.0135 $ETH($27) to buy 2.1T $PEPE and has held it until now. From $27 to $52M—an extraordinary 1,900,000x return,” it posted.
Source: Lookonchain
Meme coins, which have no intrinsic value, have been largely successful. According to Hao Yang, head of financial products at Bybit, the ongoing popularity of meme coins can be interpreted as a sign of the younger generation's dissatisfaction with the financial system.
“The success of meme coins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear,” Yang said via Cointelegraph.
Former executive sues Binance over alleged bribery and unfair dismissal
Meanwhile, TheRadar earlier reported that Amrita Srivastava, a former executive of the world's largest crypto exchange, Binance, has sued the crypto firm in the United Kingdom for bribery and unfair dismissal. Her suit is against Binance Europe Ltd.
According to Bloomberg, Srivastava claimed that a colleague asked for a bribe from a customer in order to give them preferential treatment. She told an employment tribunal in the UK that she was dismissed unfairly after she raised concerns about the alleged bribery.
