- A savvy trader recently capitalized on the market downturn, netting a profit of over $15 million from trading meme coins Mog (MOG) and Pepe (PEPE).
Overall market sentiment is currently rather bearish, with major assets like Bitcoin (BTC) and Ethereum (ETH) experiencing significant declines.
This sharp decline has led to significant selling pressure, prompting whales and investors to cash in on their profits.
A savvy trader recently capitalized on this market downturn, netting a profit of $15.62 million from trades involving Mog (MOG) and Pepe (PEPE), according to on-chain analytics firm Lookonchain.
What a smart trader!
This guy made $11.22M(+4274%) on $Mog and $4.4M(+510%) on $PEPE!
He spent 138.4 $ETH($262.5K) to buy 7.1T $Mog from Aug 20 to Dec 17, 2023, and sold 786B $Mog for 375 $ETH($1.29M) from May 27 to Aug 1, 2024, leaving 6.3T $Mog($10.2M).
He withdrew 515.42B… pic.twitter.com/vVlZvyi9Sz
— Lookonchain (@lookonchain) August 1, 2024
Lookonchain reported that this trader had acquired 515.42 billion PEPE tokens for $861,000 from KuCoin in 2023. By selling 95 billion PEPE tokens, the trader made a profit of $1.08 million. The remaining PEPE holdings are currently valued at $4.18 million, totaling a profit of $4.4 million.
In addition to PEPE, the trader bought 7.1 trillion MOG tokens for $262,500 in 2023 and recently sold 786 billion MOG tokens for $1.29 million between May and August 2024. This sale resulted in an impressive profit of $11.22 million.
Despite the significant sell-off, the trader still holds 420.42 billion PEPE tokens and 6.3 trillion MOG tokens in a new wallet.
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