Amid the popular cryptos like bitcoin, Ethereum, and others, memecoins have created a unique fan following. Though the hype begins with internet memes and humor culture, it entered the market with a high-risk, high-reward nature. However, the newly launched tokens come with many uses and high profitability in crypto trading, and PEPE is one of them. It is highly in demand thanks to its May price rally, and the same rally is forming these days, exciting investors. One such investor has increased the hype, turning $26 into $61.5M with this frog-themed crypto, shocking everyone.
Memecoin Investor Submerged In Profits But With A Catch
In April 2023, a memecoin investor perfectly analyzed the PEPE’s growth potential and invested just 0.013 $ETH , worth around $26. With that, he bought 2.52 Trillion tokens as the token was new to the market and was lacking investors’ attention. However, its valuation grew spectacularly over time, turning $26 into $61.5M, making it a successful crypto trading experience.
Interestingly, it was nothing a year ago and has become one of the top memecoins to buy in 2024. All that happened after its highly bullish performance at the beginning of this year, where PEPE grew to the previous ATH of $0.00001669. However, despite millions in profit, it is worthless for the investor, as his wallet address “0xaf2358e98683265cbd3a48509123d390ddf54534” is blacklisted by developers, restricting him from selling the tokens. The reasons are still unclear, and even the Lookonchain post failed to mention the reason in their post.
$PEPE price Hit An ATH Thanks To Whales
In the last few days, the crypto whales have been on the crypto trading hunt, where many accumulated billions of tokens. Recently, a giant whale deposited 500B $PEPE, worth around $11.38M, into the popular exchange Coinbase. The Lookonchain data reveals that the whale spent 1.173 $ETH ($2.04M) to buy these tokens between May 6 and September 10, 2023. At that time, the price was quite low, but over a year-long holding, it has grown exponentially. The whale is still left with 1.5T $PEPE($36M), collectively making a profit of $45M.
Another crypto whale has also run on the same crypto trading path, withdrawing nearly 197.39B tokens ($4.8M) from Binance. With such increased whale activity, it is clear why the memecoin price has surged 120% over the week and 74% over the last 24 hours, creating an ATH of $0.00002524 just a few hours ago.
PEPE price had witnessed quite a rally thanks to constant whale interactions and major crypto exchange listings. In the last few days, these exchanges, including Coinbase, Robinhood, and Upbit, have announced this token’s listing, pushing its demand multiplefold in the market. More importantly, bulls are driving the crypto trading market, as the sentiments have turned greedy, which would have definitely played a role in this.
However, the price has dropped significantly since ATH, currently at $0.00002232, consolidating after strong buying. If the user’s sentiments stay the same, there is a possibility that the gains might continue, but a sell-off might happen with a trend reversal. For now, its market capitalization and trading volume of $9.41B and $20.77B clearly show this memecoin’s recent milestone, making new gains for its holders.
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