PEPE Rockets to Cryptocurrency Fame: Soars 90% in 24 Hours and Gains 638% in One Week
Pepe Coin (PEPE), a relatively new memecoin, has recently taken the cryptocurrency industry by storm. In just one week, its value has soared by a staggering 638%, with a 90% gain in the last 24 hours alone. As a result, the asset’s market capitalization has reached nearly $700 million.
PEPE’s rapid price increase has caught the attention of some crypto whales, with one particular holder exchanging almost all of their assets for PEPE. According to blockchain analytics platform Lookonchain, the whale exchanged $590,000 worth of Wrapped Bitcoin (WBTC), $90,000 worth of Cultivation Finance (CULT), $235,000 worth of Uniswap (UNI), and $37,000 worth of Ethereum (ETH) for 1.72T PEPE. The platform claimed that the investor had made a paper profit of well over $1 million.
We noticed a whale exchanged almost all assets for $PEPE.
The whale exchanged 20.62 $WBTC($590K), 17B $CULT($90K), 44,194 $UNI($235K) and 19.96 $ETH($37K) for 1.72T $PEPE ($2.19M currently).
The buying price of $PEPE is ~$0.0000005533 and made a profit of ~$1.23M. pic.twitter.com/O6BOQMd1EW
— Lookonchain (@lookonchain) May 4, 2023
The buying price of PEPE is currently around $0.0000005533, and with the aforementioned paper profit, it appears that the investor’s bet on PEPE has paid off immensely. Other whales have also used the surge in value to lock in substantial profits. Spot On Chain reported that a certain holder swapped 3.4B PEPE for 925 ETH, which equates to $1.8 million at the time of the transaction, resulting in a Return on Investment (ROI) of 1,650x in just two weeks.
The sharp increase in PEPE’s value is noteworthy, given that its gains over the past 24 hours are much more significant than those marked by other larger-cap digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). As a result, it’s likely that there are more factors driving the memecoin’s price surge.
While some may see the sudden rise in value as a sign of an impending market bubble, it’s important to note that memecoins like PEPE are often volatile and subject to rapid fluctuations in price. As with any investment, caution is advised, and investors should conduct thorough research and analysis before committing funds to any cryptocurrency.
In conclusion, Pepe Coin’s meteoric rise in value has caused a stir in the cryptocurrency industry, with crypto whales taking notice of the memecoin’s potential for profit. As with any investment, it’s essential to approach the memecoin with caution and conduct thorough research before investing.
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