#Meme #Binance #Pepe #SHIB #DOGE
PEPE, the new memecoin inspired by the popular cartoon character "Pepe the Frog," has been garnering attention from cryptocurrency users. It has seen a meteoric and bewilderingly fast price increase of over 10,000% in less than a month, along with stories of success from early investors. One anonymous trader, 'dimethyltryptamine.eth,' reportedly spent only $263 three weeks ago to buy PEPE tokens, which have now turned into total profits of nearly $4 million, with remaining holdings worth around $9 million. However, not everyone has been able to cash in on their fortune, with the speculation on the new memecoin not yet ready to end.
PEPE's market capitalization doubled this week and amazingly exceeded $1 billion on Friday. The increase placed it within the top 100 cryptocurrencies by market capitalization and as the third-largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB). However, due to the token's low liquidity, some investors have struggled to cash in their millions, while others rush to dump the token. Whales, or large investors, who sell their holdings can cause high volatility in prices and scare off other traders.
According to Xin Yi, research analyst at Nansen, a whale who sold $2.2 million of PEPE only received $650,000 in ETH "due to massive slippage." However, as with any new and popular cryptocurrency, the situation is complex, and fortunes can be made or lost in a flash.
"No frog cannot become a princess, nor can any frog not become a prince," said Jaime Lerner. It is true in the world of cryptocurrencies, where even a small investment of $300 can lead to a fortune of $9 million. Nonetheless, traders should be cautious about investing in volatile assets with low liquidity to avoid missing out on their millions or being left with a worthless investment.
