Five Memecoin Addresses Pocket 3,200% Profit After Buying Bottom and Selling Top of Recent Frenzy: On-Chain Data

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5 crypto addresses pocketed a complete worth of over 1,000,000 {dollars} after buying and selling a extremely risky new memecoin this month.

Blockchain tracker Lookonchain stories that 5 addresses associated to the identical pockets purchased 8.87 trillion of PEPE, a brand new token impressed by the controversial “Pepe the Frog” memes, earlier in April for about $385 price of Ethereum (ETH).

The addresses then bought 7.76 trillion PEPE for $1.23 million later within the month. Lookonchain notes that these addresses “are seemingly” to be a few of the Pepe challenge’s inner addresses.

Traditionally, new crypto memecoins are likely to show excessive volatility and might undergo from excessive concentrations of wealth and elevated dangers of pump-and-dump worth crashes.

Safety detection platform GoPlus Labs stories there are some honeypot dangers related to buying and selling PEPE, akin to an anti-whale measure supposed to restrict the variety of tokens that may be bought on the identical time, the flexibility of the mentioned measure to be modified, and a blacklist that may ban sure customers from having the ability to purchase the token.

PEPE is buying and selling at $0.000000264 at time of writing. The 272nd-ranked crypto asset by market cap is down greater than 7.5% prior to now 24 hours however up greater than 300% because it launched on April seventeenth.

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