- An investor turned $26 into $61.5M in PEPE, but their wallet was blacklisted, blocking access.
- Whale deposits boosted PEPE, with $11.38M moved to Coinbase.
- Exchange listings and whale activity drove PEPE’s 120% surge, reaching a $9.41B market cap.
A recent surge in memecoin activity has reignited interest in PEPE, a frog-themed cryptocurrency that initially caught attention with its high-risk, high-reward profile. This renewed momentum has sparked investor excitement, driven largely by whale transactions and major exchange listings.
Notably, an investor’s $26 bet on PEPE turned into a staggering $61.5 million, highlighting the extreme profitability possible within this niche market.
A Strategic Investment Pays Off
In April 2023, one early investor analyzed the potential growth of PEPE and decided to invest a mere 0.013 ETH, valued at approximately $26 at that time. This calculated move allowed him to purchase an impressive 2.52 trillion PEPE tokens when the cryptocurrency was still under the radar.
As the months went by, the value of these tokens surged, propelled by heightened interest and bullish market trends. Consequently, the initial investment ballooned into $61.5 million, cementing this trade as one of the most profitable in recent crypto history.
However, despite the monumental gains, the investor faces a significant hurdle. The wallet associated with the investment has been blacklisted by the token’s developers, rendering the massive profit effectively untouchable. The reasons behind this blacklisting remain unclear, with neither the developers nor public analyses offering any insights.
Whale Transactions Fuel PEPE Rally
Besides individual investments, whale activities have played a critical role in PEPE’s recent rally. On-chain data from Lookonchain revealed that a whale deposited 500 billion PEPE tokens, worth approximately $11.38 million, into Coinbase.
Furthermore, this whale had accumulated these tokens over months, spending 1.173 ETH, or around $2.04 million, to acquire them between May and September 2023. The extended holding period paid off as PEPE’s valuation skyrocketed, turning the whale’s holdings into significant profits.
Moreover, another substantial investor moved 197.39 billion tokens, worth about $4.8 million, out of Binance. This continued influx of whale activity signaled strong investor confidence in PEPE’s potential and contributed to its substantial price increase.
Exchange Listings and Market Sentiment
Additionally, the listing of PEPE on major exchanges has also driven up its price and trading volume. Recent announcements from exchanges like Coinbase, Robinhood, and Upbit significantly amplified PEPE’s exposure and demand.
Consequently, the increased availability of the token led to a surge in trading, culminating in a 120% price rise over the past week. In a notable moment, PEPE reached a new all-time high of $0.00002524, supported by bullish sentiments and heightened trading activity.
However, the rally came with typical market fluctuations. After peaking, the price experienced a pullback, settling at $0.00002232. The market has since seen consolidation as traders adjust their strategies following the intense buying wave. Despite the recent dip, PEPE’s market capitalization has reached $9.41 billion, while trading volume stands at $20.77 billion.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
