Mystery Trader Nets $46 Million from PEPE Memecoin, GameStop Saga Possible Trigger
Summary:
An unidentified trader has profited over $46 million from trading the Pepe (PEPE) memecoin, potentially marking a revival of the memecoin season. The trader saw a 15,718-fold return by turning a $3,000 investment into $46 million. Earning substantial profits from selling a portion of Pepe coins initially purchased for $3,000, the investor still holds a significant amount of Pepe. The recent popularity of memecoins is seen as a revolt by the younger generations against the traditional financial system. The resurgence of GameStop's stock is also thought to be influencing the rally of Pepe's price.
A trader's identity remains unknown as they rake in a humongous $46 million from trading the memecoin, Pepe (PEPE). A potential new wave in the memecoin trend could be found in the unfolding GameStop drama. This adept investor turned an initial investment of $3,000 into a staggering $46 million, marking an unprecedented 15,718-fold return. This mysterious investor purchased a colossal quantity of $4.9 trillion Pepe coins for a mere $3,000 on April 15; these coins now hold a value surpassing $56 million. By selling $1.41 trillion PEPE for $7.4 million, the trader now commands a supply of $3.5 trillion Pepe worth a whopping $38.9 million; figures courtesy of Lookonchain’s data as of May 15. Pepe, positioning itself as the third-largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB), boasts a market capitalization of $4.5 billion. Over the last week, Pepe recorded a surge exceeding 40%. According to Bybit exchange's head of financial products, Hao Yang, memecoins' recent successes represent a form of protest from disenchanted younger generations, akin to the Punk music movement's acclaim born out of initial skepticism. He adds, such memecoins, which boast billion-dollar valuations, embody the irrationality of the fiscal system. Pepe’s price surge is potentially linked to a comeback of the GameStop frenzy. Coinciding with the return of Keith Gill, the initiator of the 2021 GameStop short squeeze, onto social media platforms after a three-year absence, Pepe coin's value soared to a fresh peak of above $0.000010. In the 24 hours following Gill's appearance, GameStop's shares skyrocketed, surpassing Bitcoin's yearly returns. The CEO of Meter, Xiaohan Zhu, suggests the resurgence of the GameStop saga significantly drives Pepe's price hike. Predicting an impending memecoin boom is challenging, but some traders argue that GameStop's profits could trickle into altcoins, mirroring the 2021 bull run. Pepe, symbolizing dissent against the establishment, appeals to retail investors because of its relatable narrative to the GameStop pump, says Aleksandra Artamonovskaja, head of art at TriliTech, Tezos. However, the article is not an investment guide; investment ventures entail risk, and potential investors should research independently before arriving at decisions.
Published At
5/15/2024 7:27:25 PM
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