A certain address on the on-chain community known as the "20 Million Wave Hunter" has recently been up to its tricks again. This trader just took profits on a PEPE short position, reducing their PEPE short holdings by 144 million tokens in one go, earning approximately $1,216,900.

But that's far from everything. According to on-chain data, even after taking profits, the address still holds a substantial short position on PEPE—worth about $3,429,900. What's more interesting is that this position is currently showing an unrealized profit of $360,600, with a return of 105.14%. The average entry price and the current token price are both around $0.01, and the entire position's liquidation price is set at $0.051.

This trader is known for high-frequency, cross-asset swing trading, holding each position for about 20 hours on average. Even more impressive, from October last year to now, they have accumulated nearly $100 million in profits using only $20 million of capital. Such consistent profitability is indeed rare among on-chain traders.