A savvy trader turned $241,500 into $7.53 million with PEPE. Meanwhile, while MOODENG, a Solana-based memecoin, is back on people's radar, thanks to its 300% rise over the past month.
Background
- An on-chain analysis by Lookonchain revealed that a trader who withdrew 375.65 billion PEPE tokens worth $241,500 from Gemini in September 2023 has now amassed $7.53 million
- The trader sold 19.55 billion PEPE for $244,000 over several months
- He recently deposited the remaining 356.1 billion PEPE, valued at $7.28 million, into Kraken.
- PEPE’s year-to-date performance shows a remarkable 1619% price increase
- At press time, it was seen exchanging hands at $0.00002043
- Currently ranked as the 26th largest crypto by market cap at $8.5 billion, PEPE’s trading volume hit $5.2 billion on December 1 before slightly declining to $4.2 billion
- Meanwhile, another memecoin, MOODENG, themed after the viral Thai zoo hippo Moo Deng, has gained traction, particularly after its Coinbase listing
Why should you pay attention?
- PEPE’s extraordinary growth highlights the potential of memecoins to deliver massive returns, albeit with high volatility
- The rise of MOODENG suggests another potential opportunity for investors, as the token surged 104% in a single day and nearly 300% over the past month
- MOODENG’s recent Coinbase listing significantly boosted its trading volume from under $200 million to $1.4 billion within a day, underlining its growing appeal
- The narrative around memecoins continues to evolve, with MOODENG being viewed as a potential “next big thing” akin to PEPE
Who said what?
- The Lookonchain team noted,
“After holding for over a year, a trader turned $241.5K into $7.53M… he deposited the remaining 356.1B PEPE ($7.28M) into Kraken”
- Mando, a crypto enthusiast, praised MOODENG’s potential, noting,
“MOODENG is a prime example of CT giving up on a coin despite it being an obvious winner. Now it’s going to $1bn”
Zooming out
- PEPE’s remarkable journey reflects the speculative nature and potential of memecoins in the crypto market, particularly during bullish phases
- MOODENG’s rapid growth could position it as a major player among memecoins, especially with its recent Coinbase listing and surging trading volumes
- The broader memecoin market remains speculative yet enticing for those willing to embrace its volatility, with stories like the PEPE trader’s success serving as a testament to its potential
