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PEPE was one of the memecoins that recorded the biggest losses in the last 24 hours, with a drop that reached 14%. However, one trader bucked this trend and made a profit of almost 8,000%, turning $462 into a $3.4 million fortune.

Even with the recent drop, PEPE has accumulated gains of 100% this month, which helped the trader achieve his goal. Furthermore, PEPE reached its all-time high of $0.00001718 recently.

Recent corrections have caused memecoin to fall below this high, but investors were still able to make good profits early, including this trader. This keeps PEPE as investors’ favorite memecoin for 2024.

Gains of almost 8,000%

According to Lookonchain, the trader invested $462 (0.22 ETH) to purchase 324.9 billion PEPE on April 15, 2013. And recently, the trader deposited 182.9 billion tokens on Binance. The value of the tokens, which corresponded to almost half of the total portfolio, was US$2.53 million.

Before that, the trader had already sold 42 billion PEPE in July 2023 and another 100 billion on May 4, 2024, profiting US$3.4 million in this year’s period. Overall, with the 324.9 billion PEPE token, the trader achieved a profit of exactly 7,368 times.

This trader emerged in the community as a visionary, as he bought his PEPE before the hype surrounding the cryptocurrency began. Created in 2023, PEPE gained prominence after the explosion of memecoins that occurred in the second half of that year.

“One of the first buyers of memecoin deposited all 182.9 billion PEPE ($2.53 million) on Binance 6 hours ago. This guy spent 0.22 ETH ($462) to buy 324.9 billion PEPE on April 15, 2023 and sold it all for $3.4 million. He was lucky enough to turn $462 into $3.4 million, a 7,368x gain,” said Lookonchain no X.

Is PEPE the best meme coin for 2024?

In the current scenario, PEPE is among the best memecoins of 2024 due to its continuous gains since the beginning of the year. The price of memecoin, which is inspired by the popular Pepe The Frog meme, fell sharply after reaching a peak in the first days of launch.

However, at the beginning of 2024, PEPE began to appreciate again, creating the first peak of the year in March, and reaching a maximum of US$0.000009977. Two months later, PEPE reached a new high of $0.00001057, rising further to $0.0000138 and $0.00001492.

Finally, memecoin broke a new all-time high at $0.0000167, which is the current top. Currently, PEPE is on a downward trend, but analysts say it could rise to as high as $0.000045 with the next rise in memecoins.

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