May 30, 2024
PEPE Memecoin Price Surge Turns $3K into $46M
Latest Cryptocurrency News

PEPE Memecoin Price Surge Turns $3K into $46M

An unknown trader amassed over $46 million in profit by trading the Pepe memecoin, marking an astounding 15,718-fold return on their initial $3,000 investment.

PEPE/USDT, weekly chart. Source: TradingView

Pepe’s Surging Success and Market Position

Purchased for $3,000 on April 15, the trader acquired $4.9 trillion Pepe, now valued at over $56 million. After selling $1.41 trillion PEPE for $7.4 million, they still hold $3.5 trillion Pepe worth $38.9 million, as reported by Lookonchain. With a current market capitalization of $4.5 billion, Pepe ranks as the third-largest memecoin, trailing Dogecoin and Shiba Inu, experiencing a 40% surge in the past week.

Savvy Pepe trader transactions. Source: Lookonchain

The revival of memecoins parallels the disillusionment among younger generations, akin to the Punk music movement’s initial criticism, noted Hao Yang from Bybit Exchange.

“The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear.”

Yang further emphasized that memecoins achieving billion-dollar valuations highlight the irrationality of the monetary system.

“By printing tokens out of thin air and pumping them to billion-dollar valuations, these creators are showing the absurdity of our current fiat system.”

Memecoin Season Resurgence: GameStop’s Influence

Pepe’s recent rally coincides with the resurgence of the GameStop stock craze, sparked by Keith Gill’s return to social media. Pepe reached an all-time high above $0.000010 the day after Gill’s comeback, coinciding with GameStop’s 111% surge within 24 hours, surpassing Bitcoin’s yearly returns.

According to Xiaohan Zhu, CEO of Meter, the GameStop rally likely fuels Pepe’s price surge. Traders speculate that GameStop profits may flow into altcoins, reminiscent of the 2021 bull run. Crypto analyst CryptoAmsterdam’s analysis indicates that historical chart patterns show the 2021 altcoin rally commenced after the GameStop surge.

GME & Altcoins. Source: CryptoAmsterdam

“The GME saga may be one of the factors contributing to PEPE’s momentum. I attribute the recent board drop in crypto primarily to profit-taking and numerous large-scale projects getting listed on exchanges and thus absorbing much of the market’s liquidity.”

Aleksandra Artamonovskaja, head of art at TriliTech, Tezos, believes Pepe stands to benefit further due to its relatable narrative to the GameStop pump, appealing to retail investors. She emphasized, “Not all memecoins may benefit from the GameStop saga, but Pepe seems primed to rally even further.”

“Beyond being the most recognized meme on the internet, Pepe is a culture of its own and symbol against the establishment, symbol of freedom and hope – a relatable narrative of the GME saga.”

Image by Gerd Altmann from Pixabay

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