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.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov