A successful crypto trader has made a significant impact on the cryptocurrency market by achieving impressive results.
This trader has accumulated over $1.4 million in unrealized profits by trading the PEW meme coin.
The wallet address starting with “0x8EF73‘, has bought 27.05 billion PEW for 3.2 ETH, valued at $12,300. On May 31, Lookonchain identified and reported on the activity of this merchant in X.
This trader made $1.72M in just 4 days by trading $PEW with only 3.2 $ ETH($12.3K), a gain of 140x!
He spotted $PEW 3 minutes after opening trading and spent 3.2 $ ETH($12.3K) to buy 27.05B $PEW.
Then he sold 8.05B $PEW for 83.5 $ ETH($315K).
He currently holds 19B $PEW($1.42M),… pic.twitter.com/stHqODkNWP
— Lookonchain (@lookonchain) June 1, 2024
Interestingly, ‘0x8EF73’ sold 8.05 billion PEW for 83.5 ETH at the time of writing, worth 315,000 – resulting in over $300,000 in realized profit, with the account then holding 1 billion PEW worth approximately $61,000.
However, Lookonchain claims that this same merchant holds another 18 billion PEW, evenly distributed across 15 other addresses.
These holdings trace back to the initial purchase, which occurred just three minutes after PEW began trading on Uniswap (UNI), the main decentralized exchange (DEX) of Ethereum.
Within four days of the purchase, the total amount of PEW held by the trader was reported to be $1.42 million.
Interestingly, “pepe in a memes world” (PEW) has a total locked value (TVL) of only $7.5 million on Uniswap. This figure represents the liquidity available to exchange PEW with other ERC-20 tokens on the platform.
As a result, any attempt to liquidate significant amounts of PEW could potentially affect the price of the cryptocurrency, making it difficult to realize profits.
