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Trader Nets $46 Million Profit from PEPE in Meme Coin Surge

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#DeFi
$USDC
$ETH
$PEPE
Crypto Potato
746Words
May 15, 2024

An anonymous trader has achieved a staggering profit of $46 million from trading $PEPE, a Solana-based meme coin, marking a 15,718x gain within a year. This significant profit was realized as $PEPE hit a new all-time high on May 15, with the trader initially investing less than $3,000 on April 15, 2023, to acquire 4.9 trillion $PEPE tokens. The meme coin's surge in value coincides with a broader rally in meme coins, sparked by a suggestive post from Roaring Kitty, known for the 2021 GameStop rally. Additionally, whale transactions in $PEPE have seen a 416% increase, with significant cash-outs at its all-time high. The market's response includes a mix of profit-taking by early investors and continued interest from new traders, as $PEPE's market capitalization reaches $4.7 billion, making it the 27th largest cryptocurrency.

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