• 23 July, 2024
News

3 SmartMoneys Sell PEPE–up 38,900%–for a $1M Profit; Says Analyst

On-chain analyst Lookonchain reported that “3 SmartMoneys” sold part of their PEPE meme coin holding to reap over $1 million in profits. The PEPE meme coin has reportedly soared approximately 38,900% to reach an all-time high of $0.000000816 (since launching on April 14).

Sharing the intriguing news, Lookonchain tweeted:

Notably, in the Cryptoverse, ‘smart-money’ usually represents the cash invested by experienced and well-informed investors. Lookonchain stated that one SmartMoney purchased 5.42 trillion PEPE with 1 $ETH (or $2,100), only to sell 3.42 trillion PEPE for 929 $ETH (or $1.77 million). The on-chain analyst further stated the address still holds 2 trillion PEPE (worth $2.37 million); while the investor’s total PEPE holding at the current price could reap a profit of ~4.14 million.

As per Lookonchain, dimethyltryptamine.eth purchased 5.9 trillion PEPE with 0.125 $ETH (or $251) and sold 2 trillion PEPE for 560 $ETH (or $1.06 million). It was also notified that dimethyltryptamine.eth has been holding 3.9 trillion PEPE (valued at $2.37 million), with its entire PEPE holding having the potential to reap ~5.67 in profits.

Significantly, Lookonchain found the third SmartMoney to be “the luckiest” to have spent 0.125 $ETH (or $251) four days ago to buy 5.9 trillion PEPE (priced at $1.14 million currently). If the investor sells his PEPE holdings at the current price, they would reap a whopping “~$1.14” million or “4,500x” profit. Lastly, yet another SmartMoney Lookonchain revealed purchased 4.22 trillion PEPE with 2.3 $ETH (or $4,822). The investor then sold 3.22 trillion PEPE for 670 $ETH (or $1.3 million).

As per CoinMarketCap, PEPE managed to garner its early investors a 2790% ROI (return on investment). At press time PEPE is trading at $0.00000124, up 290.1% in 7 days. Notably, CoinGecko data shows PEPE emerged as the 17th most traded cryptocurrency. As per CoinGecko, PEPE is ranked among the top 125 coins according to its market capitalization (MCAP). At press time, PEPE’s MCAP is $519,980,380.

Bitcoin’s Market Correction Will Continue; On-Chain Analyst Says Read Previous

Bitcoin’s Market Correction Will Continue; On-Chain Analyst Says

SEC Charges Coinme $4 Million For Intentionally Deceiving Investors Read Next

SEC Charges Coinme $4 Million For Intentionally Deceiving Investors