The recent surge of meme coins in March has quickly created millionaires worldwide. While this sometimes indicates a positive outlook, it has also led to losses for some investors. Recently, Lookonchain shared information about a new millionaire emerging.
Investor’s Meme Coin Purchase
A cryptocurrency investor made a purchase in the DeFi ecosystem that went largely unnoticed. Without knowing the outcome, the trader achieved an unrealized profit of over $1.4 million through the meme coin PEW created on the Ethereum (ETH) network.
Looking at the details, the trader, using the address starting with '0x8EF73,' bought 27.05 billion PEW for 3.2 ETH worth $12,300. These transactions, famous for being caught by Lookonchain, were identified on May 31.
Initially, the address '0x8EF73' sold 8.05 billion PEW coins for 83.5 ETH, earning $315,000. This resulted in an initial profit of over $300,000. As of the time of writing, the account holds 1 billion PEW worth $61,000.
Additionally, according to Lookonchain, the same trader secured himself by distributing 18 billion PEW equally to 15 other addresses. The trader's assets have been tracked since the first purchase, which occurred just three minutes after the meme coin was listed on Uniswap (UNI), a decentralized exchange (DEX) on Ethereum.
Challenges in Selling Meme Coin
From another perspective, the meme coin named 'pepe in a memes world' (PEW) has a total locked value (TVL) of only $7.5 million on Uniswap. This measurement indicates the liquidity available when PEW is exchanged for other ERC-20 tokens on the platform.
As a result, if the investor decides to realize his assets in the coming days, it could directly affect PEW's price. Nonetheless, it is important to remember that the investor has already made a significant profit.
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