Since April 16, 2023, Pepe (PEPE) holders have realised $160m in profits — almost all of which went to users who bought the asset in the first week after launch. Data from Scimitar Capital analyst going by the nickname Alex indicate this.
I spent my Friday night indexing 482,663 on-chain transactions ?
As promised, please enjoy my analysis of the parabolic memecoin, PEPE
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— Realized and unrealized PNL of PEPE traders
— How to evaluate price and market cap through the lens of supply and liquidity— Alex (@thiccythot_) May 6, 2023
The expert analyzed over 480,000 on-chain transactions, involving more than 160,000 wallets. About 4% of all operations were attributable to one address.
Alex also noted that the largest wallets belong to MEV-bots, which among other things carried out “sandwich attacks” and provided JIT-liquidity.
I calculated the realized and unrealized PnL of all PEPE txs in the pool
I did this by «marking» every tx to the current market price
Unsurprisingly, most of the PnL (80%) is asymmetrically accrued to the swappers in the first week
— Alex (@thiccythot_) May 6, 2023
According to the study, users who bought PEPE in the first week after the token’s launch realised $160m in profits. Traders who bought the asset in the last week realised about $10m.
Zooming in on the realized PnL graph, people who bought PEPE for the first time in the past week have realized only around $10mm of PnL
Perhaps this is why not many are euphoric about PEPE on the timeline
Only the early buyers have made real money
— Alex (@thiccythot_) May 6, 2023
In Alex’s view, with current market liquidity, there is room to realise another roughly $50m of profits.
So the $1.2B of unrealized PEPE value is fighting over roughly $50m of net liquidity
a high stakes game of musical chairs 🙂
— Alex (@thiccythot_) May 6, 2023
Binance listed PEPE in the exchange’s Innovation Zone and opened spot trading for the asset.