April 19, 2024
Latest Cryptocurrency News

Bullish Meme Coin Sensation ‘Pepe the Frog’ is Making Investors Rake Millions

It looks like the meme coin season is back again!

The skyrocketing price of the new token Pepe the Frog ($PEPE) since its launch on April 16, 2023, has been breaking the ceiling for the past few days, enabling investors to rake millions.

For example, an investor who spent 0.125 ETH or $251 to buy 5.9T $PEPE recently made $1.14 million after four days. The idea of this token is inspired by the “Pepe the Frog” meme, which became popular in the 2010s.

According to Coinmarketcap, the $PEPE meme coin has had a 240% spike in value over the past few days, reaching a high of $0.000000342851.

According to the market analyst Grzegorz Drozdz, the 5.9 trillion PEPE tokens in investors’ portfolios might take 46,200 years to liquidate if there is a non-declining demand. 

Pepe Coin’s Current Situation

Pepe the Frog coin has a supply of 420 trillion. Nearly 93.1% of these tokens are already transferred to the liquidity pool. So, only 6.9% of the remaining supply in a multi-sig team wallet will be used for CEX listings, liquidity pools, and bridges.

Is it Worth Investing in the Pepe Coin?

For investors, putting money in the Pepe coin is a risky yet highly rewarding proposition. While some investors have gained significantly by investing in meme coins like Pepe coins, many have encountered losses due to the high volatility of these coins.

Despite the excitement among investors about the Pepe token, there are several red flags they should not ignore. One of them is the token’s concerning level of centralization.

With six wallets holding more than $1 million PEPE each, they have substantial power over the token’s pricing. Those six wallets received their token supply almost simultaneously, raising questions about their possible intentions.

The wallets had no initial trading activity, suggesting a close connection with PEPE’s creators. Without any clear use case, investors should exercise caution while trading the PEPE coin.

Image by Freepik

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