PEPE’s journey over the last two weeks has been quite intriguing. Most newbie coins with outlandish backgrounds see rapid surges and equally rapid dumps, mostly due to their perceived lack of seriousness. This is not the case with PEPE, whose creation was inspired by the popular internet meme of Pepe the Frog. In fact, this memecoin has only strengthened its rally since its launch in mid-April.
PEPE gained another 90% in the last 24 hours and was now trading near its recently established all-time high. Market players have turned to this token in hopes of striking it rich, and many have been successful so far. Investors who bought in early have made remarkable returns.
According to the data compiled by crypto analytics provider ‘Lookonchain,’ three smart traders have sold part of their PEPE investment amidst skyrocketing prices and pocketed more than $1 million in profits in a span of two weeks.
One of the traders bought 5.42 trillion PEPE with 1 ETH (worth $2,100), then sold 3.42 trillion PEPE for 929 ETH (worth more than $1.77 million). They still hold 2 trillion PEPE (worth $2.37 million), offloading the entire stash will yield a profit of around 4.14 million.
The second trader purchased 4.22 trillion PEPE with 2.3 ETH (worth $4,822), then sold 3.22 trillion PEPE for 670 ETH (worth $1.3 million) and still holds 1 trillion PEPE (worth nearly $1.2 million). If this trader wishes to dump all of the PEPE holdings, they will rake in a profit of $2.47 million at the current price.
The third one, ‘dimethyltryptamine.eth,’ purchased 5.9 trillion PEPE with 0.125 ETH (worth around $251), then sold 2 trillion PEPE for 560 ETH (worth $1.06 million). This trader still holds 3.9 trillion PEPE (worth $2.37 million), selling all of which yield a profit of nearly 5.67 million, thereby making them the richest of the trio.
Realizing those profits would not be an easy affair because it put tremendous pressure on the crypto-asset. But modest investments of adventurous traders infusing relatively small amounts into PEPE, which instantly transformed them into millionaires, has triggered FOMO in the space, which is reminiscent of the epic rally of the OG memecoin – DOGE.
A major factor actor that has stirred up action in PEPE’s price this week is its listing on several cryptocurrency exchanges. So far, top centralized platforms such as Huobi, Gate.io, and MEXC have announced support for the token.
More recently, Seychelles-based crypto exchange OKX also announced the listing of PEPE on its spot trading markets with PEPE/USDT trading pairs. The disclosure has managed to fuel its upward trajectory.