A strategic trader has made the most of his money after making over 1,000x profit with PEPE. Despite the recent frog-themed token slump, the memecoin investor gained millions. Similarly, whales have continued accumulating PEPE while it resumes its upward trajectory.
Memecoin Trader Makes Millions
According to Lookonchain data, a memecoin trader named James Wynn multiplied its PEPE investment by 1,503. Wynn bought the token in its earlier stages, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold over half his holdings, 1.81 trillion tokens, for $4.57 million.
jwynn.eth(@JamesWynnReal) – A smart trader who made $12.8M(1,503x) on $PEPE.
He also traded $BOBO and $ANDY recently, making another $818K!
1/ Let’s dig into his trades.👇 pic.twitter.com/2vOkjObVPr
— Lookonchain (@lookonchain) April 24, 2024
After the frog-themed memecoin became a market sensation, the trader’s unrealized profits on his remaining bag exponentially increased. Currently, Wynn holds 1.02 trillion PEPE in three wallets worth $8.25 million.
The trader’s total profits from PEPE total $12.8 million. However, if he had held onto his tokens, the gains would have exceeded $20 million.
Per the blockchain research platform, Wynn’s feat doesn’t end with PEPE. He has also made over $800,000 trading other memecoins over the week. He recently bought five tokens, two of which remain profitable: BOBO and ANDY.
At the time of the report, the trader bought over 273.62 billion BOBO for $138.263, making a profit of $430,000. Similarly, he acquired 4.711 billion ANDY for $115.493, gaining over $338,000.
Nonetheless, not all of Wynn’s trades resulted in success. According to the X post, the trader has a 45% success rate, gaining over $13.7 million with nine memecoins and losing around $350,000 on eleven tokens, including some rug pulls.
Breakdown of the 20 tokens traded by Wynn. Source: Lookonchain
Whales Go On PEPE Buying Spree
As reported by NewsBTC, recent data showed that PEPE’s price decline over the last month has reduced the number of addresses carrying gains. However, this has not stopped whales from accumulating the token.
This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio, and Uniswap. The address bought the tokens at an average of $0.000007291, spending $1.54 million. The buying spree turned profitable as, some hours later, the token’s price increased by 17%.
According to Spot…
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