Early PEPE copper earns many millions after $260 investment

The bear market was also ahead the most speculative cryptocurrencies heavy, but memecoins now seem to be coming back in a big way. After Dogecoin (ticker: DOGE) and Bonk (BONK), Pepe (PEPE) is now the latest hype. According to on-chain data, an early investor made millions after putting just $263 into the coin.

PEPE investor makes huge profit

That showst from information from the free blockchain analysis service Arkham Intelligence. On April 15 bought the pseudonym merchant dimethyltryptamine.eth with just 0.125 ETH ($263 only) trillions of PEPE coins on Uniswap. That appears from transaction memos by Arkham. He also paid $17 in transaction fees.

Now the token 5 million percent increased in value. The $263 suddenly jumped to about $12.8 million because of this. In recent days, the investor has already sold $3.8 million worth of PEPE coins, but about $9 million worth of PEPE is still in the wallet.

Characteristic of memecoins is that individual coins are often worth very little, making the idea of ​​such a successful token even more comical. For example, Dogecoin was created to mock bitcoin (BTC), but the coin is now number nine in terms of market value, according to CoinGecko.

Last week was again marked by a large increase, as a result of which the coin managed to reach a market value of USD 1.2 billion in less than a month from scratch. Earlier this week, the coin entered the top 100, and last Friday, the broke the USD 1 billion mark.

Early PEPE buyers do have a lot of coins

This is a hefty gain, but it also illustrates why analysts being worried about for the memecoin. A large part of the outstanding coins would be in the hands of only a few parties. Two wallets would each own 5% of all coins.

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According to a other analyst they would have paid only 0.61 ETH ($1210 at the time). By mid-April, this had already increased in value 7500 times, amounting to a total of 9 million dollars. If they decided to sell more coins, this would be a so-called back pull with early investors dumping their coins onto the rest of the market with big profits.

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