In a stunning turn of events, an early investor going by the alias dimethyltryptamine.eth has seen his modest investment of $260 in the meme-based cryptocurrency Pepe ($PEPE) balloon to nearly $8 million, according to blockchain intelligence firm Arkham.
The Pepe meme coin has seen a massive price increase. Today, it has so far added another 125.3%, according to recent CoinGecko data.
Now ranking 40th in market capitalization at an impressive $1.57 billion, $PEPE's surge has defied early skepticism of its potential as another meme-based cryptocurrency.
With a 24-hour trading volume exceeding $1.16 billion, it's clear that $PEPE is gaining serious traction among investors.
The May 5 listings of PEPE on high-profile exchanges like Binance and Crypto.com are significant milestones, lending increased legitimacy to the coin and opening it up to a wider pool of potential investors.
Arman ShirinyanHis tenacious hold on his PEPE tokens, in spite of the significant price increase, highlights a prevalent trend of long-term holding strategies among cryptocurrency investors.
However, considering the inherent volatility of the cryptocurrency market, it remains uncertain whether PEPE can sustain its upward trajectory.
Dan Burgin
Vladislav Sopov