A PSEEUDONYMOUS meme coin investor bought trillions of PepeCoin (PEPE) for $263 and turned it into more than $10 million.
Investor dimethyltryptamine.eth purchased 5.907 trillion worth of PEPE for $263 in two transactions on April 14 using decentralized exchange UniSwap. He also paid just $17 for gas fees.
At its peak those 5.907 trillion PEPE tokens were worth more than $10 million.
The anonymous trader cashed out $3.8 million but still owns 2.56 trillion PEPE coins worth $4.9 million.
After launching on April 14, the meme coin’s market capitalization skyrocket to more than $1 billion on May 5.
More than 50 addresses held over $1 million worth of PEPE, but traders have now started to withdraw their profits, causing the token to plummet by 50 per cent since its peak of $0.00000431 on May 5.
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Another investor, 0xc2450b49, made more than $1.4 million buying PEPE an hour before Binance listed the meme coin.
Binance CEO Changpeng Zhao has warned investors of the high risks involved with investing in meme coins such as PEPE.
He said on Twitter investors need to conduct proper research before purchasing them, before noting that PEPE has no token utility or value support mechanism, and insiders or team members can buy 7 per cent of the total token.
