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A whale trader pulled off a multi-million-profit trade on popular meme coins Mog Coin (CRYPTO: MOG) and Pepe (CRYPTO: PEPE).
What Happened: Lookonchain data revealed the trader's details, who made $11.22 million (a 4,274% gain) on Mog and $4.4 million (a 510% gain) on PEPE.
The trader initially spent 138.4 Ethereum (CRYPTO: ETH), equivalent to $262,500, to purchase 7.1 trillion Mog between August 20 and December 17, 2023. He then sold 786 billion MOG for 375 ETH ($1.29 million) from May 27 to Aug. 1, leaving 6.3 trillion MOG ($10.2M).
The trader also withdrew 515.42 billion PEPE ($861,000) from KuCoin on May 15 and July 5, 2023, and then deposited 95 billion PEPE ($1.08 million) back to KuCoin on March 30 and May 24, leaving 420.42 billion PEPE ($4.18 million).
On the current date, the trader transferred the remaining 6.3 trillion MOG ($10.2 million) and 420.42 billion PEPE ($4.18 million) to a new wallet.
Also Read: Pepe Down 9%: ‘Headed Lower’ Or Will It Outperform Dogecoin, Shiba Inu?
Why It Matters: This significant profit-making move by the trader underscores the potential to make significant gains, although one has to take into account the potential risks as well. The trader’s strategy of buying low, selling high, and transferring the remaining assets to a new wallet demonstrates a calculated approach to maximizing gains while mitigating risks.
Crypto trader EliZ noted that he will accumulate Pepe if the technical chart pattern moves according to his assumption.
Former Wall Street Macro Trader Wizard of SoHo noted in a latest X post that he is accumulating MOG.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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