An anonymous trader made over $46 million in profits by trading memecoin PEPE (PEPE). Could the GameStop saga bring about memecoin season?
Traders have made 15,000x profits on PEPE
One trader made $46 million in profit, 15,718 times his initial $3,000 investment.
Unknown wallet bought 4.9 trillion PEPE for $3,000 on April 15, now worth more than $56 million. This trader sold 1.41 trillion PEPE for $7.4 million USD and currently owns 3.5 trillion PEPE, worth $38.9 million USD, according to Lookonchain's May 15 X post .
PEPE 's current $4.5 billion market Capital makes it the third largest memecoin behind Dogecoin (Doge) and Shiba Inu (SHIB). PEPE is up more than 40% in the past seven days.
Does GameStop's GME Stock Boost Memecoin?
PEPE 's current rally may be linked to the resurgence of GameStop stock fever. The stock price of GameStop (GME) began rising on May 13, after Keith Gill – the man widely believed to have initiated the 2021 GameStop short sale – suddenly returned to social media after a nearly three-year hiatus. paragraph.
PEPE hit a new all-time high above $0.000010 on May 13, one day after Gill returned to social media. GameStop shares jumped more than 111% in the 24 hours after Gill's return. Within a day, GameStop shares surpassed Bitcoin's yearly returns.
According to Xiaohan Zhu, CEO of Meter, the GameStop rally could be the main reason behind PEPE's price increase. Zhu said:
The GME story could be one of the factors contributing to PEPE momentum. I attribute the recent cryptocurrency decline mainly to profit-taking and many large-scale projects being listed on exchanges and thus absorbing most of the market liquidation .
While it's difficult to predict the start of a full-blown memecoin boom, some traders believe that gains from GameStop will find their way to altcoins, similar to the 2021 bull run.
Based on historical chart patterns, the 2021 altcoin rally was catalyzed shortly after the GameStop rally, according to a May 14 X post by crypto analyst CryptoAmsterdam, referencing charts items below.
According to Aleksandra Artamonovskaja, head of art at TriliTech, Tezos, not all memecoins are likely to benefit from the GameStop saga, but PEPE appears poised for further recovery as it offers a statement. GameStop pump story for retail investors.
