Market observers and experts believe that this surge is linked to PEPE’s use as a levered bet on the growth of the Ethereum ecosystem.
The Pepe (PEPE) ecosystem is filled with a lot of excitement as the memecoin climbs to new levels. Investors who purchased the token at a time when it was worth almost nothing have suddenly been transformed into millionaires. PEPE recently became one of the largest tokens by market capitalization after a “beta bet” narrative added nearly 40% to the token in the past week.
PEPE Market Capitalization Hit New Level
The frog-themed memecoin which came into the limelight a little over a year ago first made its mark with its diversified theme. Its launch came with consistent meteoric price gains, causing the volume of engagement in the ecosystem to surge by a significant percentage. In a matter of a few weeks, PEPE registered a $1 billion market cap, taking the crypto industry by surprise.
Consequently, it became the third-largest meme coin, dethroning BONK. Amidst a memecoin frenzy earlier this year, PEPE’s trading volumes surged to hit new levels. This laudable growth was enough to establish the memecoin’s partial dominance. The latest market data shows that the PEPE price has resumed its bull sentiment after a short break from registering gains.
At the time of this writing, the frog-themed memecoin was trading at $0.00001435 with a 7.15% increase in the last 24 hours, and its market cap is now worth over $6 billion.
Market observers and experts believe that this surge is linked to PEPE’s use as a levered bet on the growth of the Ethereum ecosystem. This new development is a result of traders’ anticipation for the approval of a spot Ethereum Exchange-Traded Fund (ETF) in the United States.
PEPE Early Investors Become Millionaires
Insights from Lookonchain confirm that a crypto address that purchased about $460 worth of the tokens only a few days after it was launched, has bagged over $3.4 million in profits as of this week. On April 15, 2023, this buyer purchased 324.9 billion PEPE for only 0.22 Ethereum (ETH). He later deposited the tokens on top cryptocurrency exchange Binance where the tokens were assumed to be sold.
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
— Lookonchain (@lookonchain) May 22, 2024
There are assumptions that the address may be connected to the developer team that issued PEPE in the first place but until now no evidence has substantiated this claim. At the same time, the use of automated bots is a common phenomenon amongst memecoin traders, especially those who buy small amounts of every token that hits the market.
They make such purchases based on certain criteria, with the hope that the tokens will eventually catch a big win. Markedly, Pepe has turned some of its early buyers into millionaires in the past year. The weeks that followed the launch of the memecoin saw a few connected wallets of about $1,200 of initial capital, transformed to over $9 million. Another $260 purchase secured its owner over $3 million in profits.
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