TL;DR
- An early investor in the meme cryptocurrency PEPE turned a $3,000 investment into over $35 million, with the value of each token now priced at $0.000007.
- Meme coins, led by PEPE, have been on a bullish trend, with PEPE experiencing a surge of over 385% in the past week and a trading volume of $3.3 billion in the last 24 hours.
- The frenzy around meme coins continues, with the total trading volume for memecoins reaching $16B in the last 24 hours and the overall market capitalization surpassing $50B.
An initial investor in the meme cryptocurrency PEPE has impressively transformed a humble $3,000 into an astonishing $35 million. The investor, known by the account identifier ‘0x25C…66E2a’, purchased 4.9 trillion PEPE tokens with $3,000 during the coin’s infancy. The value of this investment has now skyrocketed to over $35.5 million, with each token priced at $0.000007.
This guy spent only $3,000 to buy 4.9T $PEPE($35.5M currently) in the early time!
He sold 760B $PEPE($2M) and currently holds 4.15T $PEPE($30.8M), and is the 13th holder of $PEPE!
His total profit on $PEPE is ~$32.8M, a gain of 11,077x!https://t.co/QTL7oxruTk pic.twitter.com/sw2FcPfgdd
— Lookonchain (@lookonchain) March 4, 2024
Recently, meme coins have been on a bullish trend, with PEPE leading the charge among the top five weekly performers with a surge of over 385%. The investor’s account still possesses 4.15 trillion tokens, valued at $30.8 million, placing them among the 13 wealthiest PEPE holders.
The investor has also begun to cash in on their profits, having sold 760 billion PEPE tokens for a total of $2 million. Despite this, the remaining holdings continue to represent a substantial wealth.
The frenzy around meme coins has returned to the cryptocurrency market, warranting caution among investors. Notably, meme coins hold the top five spots for weekly performance among the top 100 cryptocurrencies. PEPE is at the forefront with a 385% increase over the last week and a trading volume of $3.3 billion in the last 24 hours. The remaining four spots are occupied by Dogwifhat (WIF), FLOKI, Shiba Inu (SHIB), and BONK.
The Current State of PEPE and the Meme Coin Market Overall
The frenzy around memecoins continues into the new week. As of now, the total trading volume for memecoins has reached $16B in the last 24 hours, and the overall market capitalization in this subsector has surpassed $50B, according to data from CoinGecko.
In this scenario, Ethereum (ETH) remains the most lucrative DeFi blockchain for meme coin speculation. Meanwhile, Solana (SOL) has gained a significant market share, represented by WIF and BONK. However, it’s important to remember that meme coins are driven by pure speculation, which can disappear as quickly as it appears.
During the current bull market, there’s been anticipation for an ‘alt season’. Yet, it appears to be postponed as Bitcoin’s dominance continues to stay over 50%. A decrease in Bitcoin’s dominance is often seen as an indication of capital shifting from leading coins to altcoins. Nevertheless, the recent surge in meme coins is viewed as a rapid turnover for profits exceeding those of major tokens. This viewpoint is shared by Nick Ruck from ContentFi Labs.
