In this ongoing bullish market, where meme coins are continuously gaining massive attention due to their tokens’ performance over the last few days. Amidst these bullish meme coins, recently an investor made millions of dollars with the PEPE token in approximately 50 days, according to the data shared by an on-chain SpotOnChain analytics firm on X (previously Twitter).
Trader made $5.66 million in PEPE
According to spotonchain’s data on X, on January 16, 2024, five wallets (likely belonging to one person) withdrew (purchased) a massive 969.96 billion PEPE tokens worth around $1.19 million. Nearly 49 days later, the wallet holder sold all of his PEPE holdings at an all-time high for $6.847 million, making a profit of $5.66 million, which is approximately 475% of the return on investment.
Currently, PEPE is trading near $0.0000070, and in the last 24 hours, it experienced over 9% upside momentum. Examining PEPE’s performance over a longer period, in the last 7 days, its price has soared by over 250%, while in the last 30 days, it experienced a massive price surge of nearly 700%.
PEPE technical analysis and price performance
Expert technical analysis suggests that the third-largest meme coin, PEPE, experienced significant upside momentum just after the breakout of bullish inverted head and shoulder patterns. Since the breakout, PEPE has seen a massive price surge of over 300% in just 8 trading days.
Besides PEPE, the overall cryptocurrency market is bullish, especially meme coins. It’s not only the investors who made a profit earlier; there are also many traders and investors who made millions of dollars with just a few hundred.
This continuous and massive price surge in meme coins has also led to a significant increase in trading volume. On March 5, 2024, the top meme coins, including SHIB, PEPE, FLOKI, and BONK, experienced a substantial surge in trading activity over the past week, with their trading volumes increasing by over 3,000%, as reported by Todayq News.
However, these massive price surges in PEPE tokens are essentially due to the overall bullish sentiment and the continuous bullish moves by the world’s biggest cryptocurrency, Bitcoin, and other top cryptocurrencies like Ethereum, Solana, Cardano, and others.
