A mysterious whale investor recently caused huge waves in the memecoin market by moving nearly US$8 million in PEPE tokens from Binance. This massive withdrawal involved 592 billion PEPE tokens and came after a significant price increase in the value of the tokens.
The broader market surge appeared to be driven by news regarding the potential approval of a spot Ether ETF in the US. The Securities and Exchange Commission (SEC) suddenly asked exchanges seeking to list and trade these funds to update key filings regarding these products.
This development fueled speculation that regulators might consider approving these ETFs, contributing to the market surge.
The Amazing Profits of Early Investors
One early investor in this meme-inspired cryptocurrency saw incredible returns, turning an initial investment of more than US$460 into around US$3.4 million, marking a return of nearly 74,000 percent. This investor success story highlights the potential for significant profits in the memecoin market.
A closer look at these traders' wallets reveals a pattern of investing in newly launched memecoins, hoping that one of them will achieve huge profits.
According to Etherscan data, these investors were early in some popular memecoins but also invested in many that faded soon after launch.
(ApaikCrypto)
