Benzinga - A crypto investor has reportedly made a considerable profit by swapping 0.125 Ethereum (CRYPTO: ETH), worth $250 at the time, for 5.9 trillion PEPE (PEPE) tokens four days ago.
What Happened: The current value of the PEPE token is estimated to be around $1.02 million, and if sold at the current price of $0.0000001933, the investor could get a profit of approximately $1.14 million, as per data from on-chain data analytics platform Lookonchain.
The investor is looking at a potential profit of 4,500 times.
The SmartMoney is the luckiest guy I've seen recently.He spent 0.125 $ETH ($251) to buy 5.9T $PEPE ($1.14M currently) 4 days ago.
If he sells at the current price of $0.0000001933, he will get a profit of ~$1.14M, more than 4,500x.https://t.co/cUqMO6zIVO pic.twitter.com/Ex5voyRvsa
— Lookonchain (@lookonchain) April 19, 2023
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So far this year, there have been only a few meme coins that have shown significant growth momentum, with PEPE being one of them. Another cryptocurrency, BONK (BONK), which is Solana (SOL) based, garnered traction earlier in the year and recorded parabolic gains. On Jan.4, BONK was up 2200% since going live, reaching $0.00000250 levels.
PEPE has enjoyed the sudden rise in its value by branding itself as “the most memeable meme coin in existence.” Its creators used references to both the crypto bear market and its dog-themed peers, Dogecoin (CRYPTO: DOGE) and Shiba Inu (SHIB)
Over the past day, PEPE is up 13%, trading at $0.00000031, according to data from CoinGecko.
Read More: Bitcoin, Ethereum, Dogecoin Tumble After Alarming UK Inflation Report: Analyst Pinpoints Two Critical Levels For Apex Crypto In Coming Days
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