PEPE Investor Turns $3K Into $46M Profit In A Month, Aided By GameStop Rally

Updated: 16 May 2024

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A crypto trader made over $46 million in profit in a month from a $3,000 investment in Pepe, helped by a meme coin rally that was sparked by the GameStop saga.

The trader managed to achieve an astonishing 15,718-fold return.

PEPE Sets A New ATH As GameStop Figure Resurfaces

On-chain data shows the wallet bought 4.8 trillion PEPE on April 15, which is worth more than $50.9 million at current prices. The trader then sold 1.41 trillion PEPE for $7.4 million, and currently still holds 3.5 trillion PEPE.

Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!😱

This super big winner sold 255B $PEPE($2.3M) for profits again after the price of $PEPE increased.

He spent only $3K to buy 4.9T $PEPE($56M currently) on Apr 15, 2023, and sold 1.41T $PEPE for $7.4M, with 3.5T… pic.twitter.com/VKGxmK9gCt

— Lookonchain (@lookonchain) May 15, 2024

PEPE’s recent rally was boosted by the GameStop saga. Shares for GameStop (GME) surged this week after Keith Gill, the man widely credited for the GameStop short squeeze in 2021 and known as Roaring Kitty on X, returned to social media after a nearly 3-year absence.

After he resurfaced, PEPE reached a new all-time high (ATH) of $0.00001156 yesterday. It has since dropped more than 7%, but is still up over 28% on the weekly time frame. Its value has also more than doubled in just the last month.

Funds Continue To Flow Into Meme Coins

Money has surged into the meme coin sector in the past day, with its market capitalization soaring over 6%. Leaders Dogecoin (DOGE) and Shiba Inu (SHIB) climbed over 5% and 8%, respectively.

Biggest meme coins by market cap (Source: CoinMarketCap)

Meanwhile, dog-themed cryptos Dogwifhat (WIF), FLOKI, and Bonk (BONK) all recorded 24-hour gains as well. Book of Meme (BOME) was the best performer after its price skyrocketed more than 22% in the past 24 hours.

Historical chart patterns suggest the 2021 altcoin rally started right after the GameStop rally in that year, analyst CryptoAmsterdam said in a May 14 post on X. If history repeats itself, the altcoin and meme coin markets could surge in the coming weeks.

This could have a positive impact on meme coin presales as well. Among strong candidates to benefit as investors seek the next 100x crypto are the multi-chain Dogeverse, which has already raised more than $15 million and is now offering a last chance to buy before listing.

A new Solana meme coin called Sealana has just blasted past $1 million, while AI-powered meme coin WienerAI is now within touching distance of $2 million in funds raised.