PepeCoin (PEPE) became a top 20 token by market cap on May 23, as the “beta betting” narrative has seen the token rise nearly 40% over the past week, according to CoinMarketCap. The frog-themed token was launched in April 2023, and its market cap soared to $1 billion (about 155 billion yen, 1 dollar = 155 yen) within weeks of its launch; it then became a major meme coin, reaching a market cap of $6 billion (about 930 billion yen) on May 23, making Pepecoin the largest meme coin launched in 2023, when Bonk (BONK) and Dogwiff Hat (WIF) were also launched. PEPE and Mog (MOG)'s recent rally comes as traders anticipate approval in the U.S. of an Ethereum (ETH) spot exchange-traded fund (ETF), which is used as a leveraged bet against economic growth At least one trader made a fortune from a small initial purchase: an address that bought about $460 ($71,300) worth of tokens shortly after launch made more than $3.4 million ($527), according to Lookonchain's on-chain analytics Lookonchain says the buyer spent 0.22 ETH on April 15, 2023 to buy 324.9 billion PEPE and deposited the tokens on crypto exchange Binance on April 22, presumably where the tokens were sold. An early buyer of $PEPE deposited all $182.9B $PEPE ($2.53 million) into#Binance6 hours ago. This person spent 0.22 $ETH ($462) to buy 324.9B $PEPE on April 15, 2023, and sold all of it for $3.4 million. He was lucky and turned $462 into $3.4 million, a profit of 7,368 times! #pepe