In just a few short weeks, Pepecoin (PEPE), a meme-inspired cryptocurrency, has exploded in value, amassing a market capitalization of over $1 billion and generating significant wealth for those willing to ride the wave. One such trader, operating under the pseudonym dimethyltryptamine.eth, invested a mere $263 in trillions of PEPE tokens three weeks ago, which has since ballooned into a staggering $3.8 million profit from sold tokens and an additional $9 million in unsold holdings—an almost 5,000,000% return.
Pepecoin, based on the "pepe the frog" meme, has gained rapid popularity in the crypto world since its April launch. Its market cap astonishingly exceeded $1 billion last Friday, even surpassing Arbitrum's ARB in value at one point, one of 2023's hottest new tokens. However, analysts have expressed concern about Pepecoin's concentrated ownership, as a few traders amassed significant quantities of PEPE soon after its release.
Blockchain research firm Arkham Intelligence has tracked dimethyltryptamine.eth's purchase of 5.907 trillion PEPE tokens for $263 through two transactions on April 14, along with a $17 gas fee. Since then, this trader has consistently taken profits by exchanging smaller quantities of PEPE for ether (ETH) on UniSwap multiple times per day. In the past month, the trader has sent $3.8 million of PEPE to UniSwap, most likely to cash in on profits, with $2.4 million of that occurring in the last 24 hours alone.
