PEPE Holders Earn Tens of Millions, but Risks Loom
An early $PEPE investor, who initially bought $PEPE tokens for just $26, saw their holdings skyrocket in value to $60.3 million. However, they are currently unable to cash out.
When $PEPE launched in April 2023, it quickly captured attention in the crypto world. The "Pepe the Frog" meme behind the token sparked interest, driving a massive price surge. While many early investors seized the chance to cash out, this major holder—whose initial investment soared to more than 200 million times its original value—chose to hold on, transforming $26 into a theoretical $60.3 million.
A Costly Catch
On-chain analysis reveals this investor used $26 to purchase over 2 trillion $PEPE on April 14, 2023. Surprisingly, they are now reportedly blocked from withdrawing, as the meme coin's developers have blacklisted the wallet. Developers can restrict certain wallets, and this user is among those impacted.
Speculation Surrounding the Blacklisting
The reason for this blacklisting remains unclear, with some speculating that this wallet may belong to the $PEPE developer. By restricting it, the goal could be to stabilize $PEPE's price and prevent a potential sell-off. However, this is purely speculation; the true reason is unknown.
The wallet in question holds nearly 0.6% of the total $PEPE supply. If these tokens were sold, a price drop would be likely. Meanwhile, other early investors who did cash out have reportedly amassed significant wealth.
Pepe's New High
Today, $PEPE reached a new high, with prices surging to $0.00002524 early Thursday morning. This increase may be linked to Robinhood, the popular cryptocurrency exchange, which recently began supporting $PEPE, now the third-largest meme coin.
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