PEPE Holders See Big Gains, but Risks Remain

An early investor in $PEPE, who initially bought tokens for just $26, watched their holdings skyrocket to a theoretical value of $60.3 million. However, they're currently unable to cash out due to restrictions.

Since its launch in April 2023, has gained significant traction in the crypto world, driven by the popular "Pepe the Frog" meme. While many early investors took advantage of rising prices to cash out, one major holder decided to hold on, resulting in a potential gain of over 200 million times the original investment—turning $26 into $60.3 million.

A High-Stakes Catch

According to on-chain data, this investor used $26 to buy over 2 trillion tokens on April 14, 2023. However, they are reportedly unable to withdraw because the developers have blacklisted the wallet. Developers sometimes restrict wallets, and this user appears to be among those affected.

Why the Blacklist?

The exact reason behind this blacklisting is unclear. Some speculate that the wallet could belong to a $PEPE developer, and by restricting it, they may be trying to stabilize $PEPE's price and prevent a massive sell-off. However, this is speculation, and the real reason remains unknown.

The wallet holds nearly 0.6% of the total supply, which could cause a price drop if sold. Other early investors who have cashed out reportedly made substantial profits.

$PEPE Hits New High

recently reached a new high of $0.00002524, possibly due to support from the popular cryptocurrency exchange Robinhood, which has now added as the third-largest meme coin on its platform.

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