Trader Nets 3,263,900% Profit on New Dogecoin (DOGE) and Shiba Inu (SHIB) Rival: On-Chain Data

On-chain data reveals that a savvy crypto trader has netted a staggering 3,263,900% profit from a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival.

According to blockchain tracker Lookonchain, the investor bought over 2.5 trillion of meme coin Pepe (PEPE) using $25 worth of Ethereum (ETH).

The value of the purchased PEPE is now $816,000, meaning the trader saw a staggering 32,000x profit.

Lookonchain also notes that the trader has traded other “shitcoins” over the last two years, netting about $2 million in profit.

“This guy is really good at trading shitcoins! He bought 2.52 trillion PEPE ($816,000 currently) with 0.013 ETH ($25), which made him a 32,000X profit.

He has traded 3,000+ shitcoins in the past 2+ years and probably realized ~$2 million in profit.”

Source: Lookonchain/Twitter

Another example would be the investor’s purchase of rel=»noopener» target=»_blank»>MXC). The blockchain tracking platform found that they bought MXC using 0.5 ETH in June 2021 and sold them for 142.5 ETH just 30 minutes later, a 284x profit.

Recently, it was uncovered that another trader also hauled in massive gains from investing in PEPE. The lucky trader saw a 454,083% increase in unrealized gains as they managed to turn $251 into a potential profit of over $1 million.

However, according to token security detection platform GoPlus Labs, there are some honeypot risks associated with trading PEPE, such as an anti-whale measure intended to limit the number of tokens that can be purchased at the same time, the ability of the said measure to be modified, and a blacklist that can ban certain users from being able to buy the token.

PEPE is trading for $0.000000299 at time of writing, a 12% drop during the last 24 hours while MXC is valued at $0.0183, a 2.5% drop on the day.

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