Pepe Coin (PEPE) has surged to a new all-time high, riding the wave of bullish momentum in the cryptocurrency market. This significant milestone comes as PEPE experiences substantial gains in both spot and futures trading, even surpassing Polygon (MATIC) in market cap.
Among the highlights of this rally is a savvy trader who secured an impressive 867% return on investment, reaping $2.17 million in profits.
Smart Trader Seizes Massive PEPE Profits
A shrewd trader capitalized on Pepe Coin’s meteoric rise, transforming a $250,000 investment into a staggering $2.42 million. According to Lookonchain, a blockchain tracking service, the trader initially bought 160.62 billion PEPE tokens on December 6 and 7, 2023. This strategic move paid off spectacularly when the trader sold all their holdings for 644 ETH, approximately $2.42 million, netting a profit of around $2.17 million—a remarkable 867% ROI.
In addition to this feat, the same trader demonstrated adept trading in Pepe Coin derivatives. They invested $25,000 in 139,822 PEPE futures on December 6, 2023. By selling 25,000 of these futures for 30.27 ETH, valued at $113,000, the trader secured another substantial profit. The remaining 114,822 PEPE futures are currently valued at $574,000, bringing the total profit from these positions to $663,000, with an extraordinary ROI of 2651%.
Moreover, in the past three hours alone, two newly created wallets withdrew a combined total of 182.7 billion PEPE from the OKX exchange, worth approximately $3.1 million. Such significant withdrawals often signal confidence in the asset’s future performance or preparation for large-scale trades or sales.
Pepe Coin Price Action
Pepe Coin continues to trade in the green amid a bullish market sentiment. As of writing, PEPE has surged 12.35% to $0.00001692, with a market valuation of $7.19 billion. The 24-hour trading volume has also soared by 98.75% to $3.10 billion. PEPE hit a fresh all-time high of $0.00001718 today. According to Coinglass, PEPE futures open interest reached a record $196.47 million, marking an 18.19% increase in the last 24 hours. This robust performance has propelled Pepe Coin to become the 18th largest cryptocurrency by market capitalization, surpassing Polygon (MATIC).
