Memecoins, once considered a niche part of the cryptocurrency world, have gained significant traction thanks to their humorous roots in internet memes.
$PEPE #, a frog-themed memecoin, has gained massive attention following a price surge, especially after its May rally. One investor turned just $26 into $61.5 million by purchasing 2.52 trillion tokens in April 2023.
However, despite the huge profit, the investor cannot sell due to their wallet being blacklisted by the coin’s developers, leaving them with an untouchable asset.
The recent spike in PEPE’s price is largely driven by crypto whales. One whale deposited 500 billion PEPE tokens worth $11.38 million into Coinbase, earning a $45 million profit. Listings on major exchanges like Coinbase, Robinhood, and Upbit have further fueled demand, pushing the price to an all-time high.
Currently, PEPE’s price has consolidated to $0.00002232 after hitting its peak, with a market cap of $9.41 billion and a trading volume of $20.77 billion.
While the future remains uncertain, the strong demand and whale activity suggest continued potential for the memecoin’s growth.
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