A savvy cryptocurrency trader reportedly turned $2,000 into more than $43 million by investing in the memecoin Pepe at its peak valuation, despite the token’s extreme volatility and lack of underlying technical value.
The trader made an over 4,700-fold return on investment on the popular frog-themed Pepe (PEPE) cryptocurrency, according to blockchain intelligence platform Lookonchain.
“This OG spent only $2,184 to buy 1.5T $PEPE($43M at the peak) in the early stage. He sold 1.02T $PEPE for $6.66M, leaving 493B $PEPE($3.64M), with a total profit of $10.3M(4,718x), Lookonchain wrote in a March 29 X post.
Source: Lookonchain
The trader realized over $10 million in profit despite Pepe’s price falling over 74% from its all-time high of $0.00002825, which it reached on Dec. 9, 2024, Cointelegraph Markets Pro data shows.
PEPE/USD, all-time chart. Source: Cointelegraph Markets Pro
Memecoins are considered some of the