Lookonchain, a blockchain sleuthing company, says that in the last month, a trader who worked hard and was good at finding memecoin trends made a lot of money.
Lookonchain says that a trader made hundreds of Ethereum (ETH) last month by trading Pepe Coin (PEPE) and another very low-cap altcoin.
The firm says that the entity’s gains on PEPE came to 32x.
“Sharing a super meme coin hunter who earned 562.64 ETH ($1.06 million) in the past month!
– Made 189.5 ETH ($345,306, 4x gains) on RFD.
– Made 127 ETH($248,697, 32x gains) on PEPE.”
Lookonchain says that the memecoin hunter exchanged a total of 104 different tokens in the last month. Of those, 66 were profitable, giving the trader a win rate of 63.5%.
The firm that keeps track of the blockchain said that a number of traders took advantage of the huge gains in PEPE recently.
This month, Lookonchain wrote about a trader who made 48x on his PEPE deals. When PEPE’s price went down, the same trader took their profits and put them back into the stock. On-chain data shows that the entity sold their ETH on the decentralized cryptocurrency market Uniswap (UNI) for more PEPE.
“A SmartMoney who made 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to buy 1.33 trillion PEPE again… The buying price is $0.000001586.
He bought 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166, then sold for 1,245 ETH ($2.24 million) at $0.0000009985, with a gain of 48x.”
At the time this was written, PEPE was selling for $0.0000002, and it has been mostly flat this week.