A cryptocurrency trader turned a $27 investment in the Pepe memecoin into a whopping $52 million profit, according to blockchain analytics firm Lookonchain.
In a post made on X on December 14, crypto intelligence firm Lookonchain revealed that an unknown trader of Pepe
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pocketed profits that changed his life.
“A $PEPE whale, who had been inactive for 600 days, moved all of his 2.1T $PEPE ($52 million) to a new address… Going from $27 to $52 million — an extraordinary 1,900,000x return!”
Clever trade by trader Pepe. Source: Lookonchain
Despite the lack of intrinsic utility, memecoins continue to turn investors into millionaires. Last May, another savvy trader turned a $3,000 investment into $46 million by trading the Pepe token, earning an incredible 15,700x return on the initial stake.
Pepe surges 1,600% in 2024, becoming the second best performing crypto of the year
Memecoins are among the most profitable cryptocurrencies of the year, in terms of yield.
One-year chart PEPE-USDT. Source: Cointelegraph
Since the beginning of the year, Pepe has increased by more than 1,600%, ranking as the second best performer among the top 100 cryptocurrencies. It is followed by the meme token Dogwifhat
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, based on Solana, which saw an impressive 1,400% increase.
Top cryptocurrencies year-to-date. Source: Cryptobubbles.
However, the governance token Mantra (OM) has outperformed all memecoins, rising more than 16,600% in 2024, data from Cryptobubbles shows.
Although technical analysis is often inaccurate for memecoins, some crypto traders are predicting continued bullishness for Pepe.
Pepe Could Be the Dogecoin, According to Max Schwartzman, CEO of Because Bitcoin
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of the current bullish wave, making it the “king of this cycle”