- PEPE whale makes $1.23 million profit after token recorded new All-Time-high.
- There have been issues of liquidity on various centralized exchanges.
PEPE, the latest meme coin in the market launched on April 18, 2023, has recorded massive demand due to its ability to double its price in a day. According to reports, a whale who exchanged all crypto assets for $PEPE Coin has made a cumulative profit of $1.2 million.
The whale exchanged 20.62 $WBTC worth $590,000, 17 billion $CULT worth $90,000, 44,194 $UNI worth $235,000, and 19.96 $ETH worth $37,000 for 1.72 trillion $PEPE worth $2.19 million currently.
According to Lookonchain, the whale purchased the meme coin at the price of ~$0.0000005533. Currently, the asset is trading at a new all-time high of $0.000002 after surging by 60 percent in the last 24 hours and 651.23 percent in the last seven days. In the last 30 days, PEPE Coin has risen by 3,559.69 percent.
In its first week of trading, the price surge was questionable as it was not backed by any verifiable market cap. However, $407 million worth of the token is currently being traded and has a diluted market cap of $696 million.
Despite its bullish gain, PEPE Coin has shown signs of reversal. While this could be an investment opportunity for a lifetime, it could also see a drastic fall anytime soon due to its high volatility. On May 1, it more than doubled its price after surging by 100 percent.
Its next target is to gain a level of stability just as other meme coins such as Dogecoin and Shiba Inu. PEPE Coin is also expected to follow in the footsteps of the leading meme coins with trackable protocol utilities.
What is PEPE Coin
The official website of PEPE Coin describes it as “the most memeable meme coin in existence.” Interestingly, the website boldly states that the meme coin has no intrinsic value and no road map.
PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.
While it is associated with Pepe the Frog on the internet, it is clarified that PEPE Coin has no association with “Matt Furie or his creation Pepe the Frog…On the contrary – the goal of the token is to simply pay homage to a meme we all love and recognize.”
The token has a supply of 420,690,000,000,000, with 93.1 percent sent to Liquidity Pool. According to reports, the LP tokens were burnt and the contract was renounced. The remaining 6.9 percent is reportedly held in a multi-sig wallet. These would be used in future listings on centralized exchanges, bridges, and liquidity pools.
As of May 1, PEPE had about 65k holders according to Etherescan. Its Telegram members are also growing by the day with 25,000 members. In addition, its official Twitter account boasts 133,000 followers.
It is also important to note that PEPE Coin is facing the challenges of low liquidity on various centralized exchanges. It can be recalled that an investor who purchased $27 worth of PEPE Coin and ended up raking in a profit of $1 million could not cash out completely due to liquidity concerns.
