April 19, 2024
Latest Cryptocurrency News

PEPE’s Rapid Rise: Fad or Future of Cryptocurrency? 

In a stunning display of crypto trading prowess, a pseudonymous trader reportedly purchased trillions of the recently introduced meme coin, PEPE, for $263 on the UniSwap platform just three weeks ago. Despite selling off several million dollars’ worth of the coin, the trader still retains a staggering $9 million of PEPE, according to data provided by the blockchain platform Arkham. 

PEPE’s meteoric rise has left many in the cryptocurrency world in awe, with the meme coin’s market value now exceeding a staggering $1 billion. However, some analysts warn that the rapid ascent of PEPE is simply a fleeting fad that is destined to end badly. 

An excellent illustration of the current frenzy in the cryptocurrency market is the story of dimethyltryptamine.eth, a pseudonymous trader who bought trillions of PEPE tokens for a mere $263 three weeks ago. As per blockchain research firm Arkham Intelligence’s data, the trader has already sold tokens worth $3.8 million and still holds around $9 million in value, an almost unbelievable profit of nearly 5,000,000%. 

The trader’s profits are a direct result of the rapid surge in the value of the PEPE token, which is based on the “Pepe the frog” meme, a well-known symbol in the crypto sphere. Introduced in April, the meme coin’s market capitalization shockingly surpassed $1 billion on Friday and, at one point, was valued higher than the hottest newly issued token of 2023, Arbitrum’s ARB. 

However, concerns have emerged among analysts regarding the concentration of ownership of Pepecoin, as a handful of traders reportedly acquired significant amounts of the token upon its release last month. According to blockchain detective Lookonchain, five accounts linked to a wallet belonging to pepecexwallet.eth received funds directly from the token’s deployer contract, allowing them to obtain over 8.87 trillion PEPE for just $385. 

Although dimethyltryptamine.eth was not listed among the insider wallets by Lookonchain, the trader was among the first to purchase PEPE, acquiring 5.907 trillion of the tokens for $263 in two transactions on April 14 using UniSwap, according to Arkham data. The trader also paid $17 in gas fees. 

Since then, the trader has been gradually taking profits by sending smaller amounts to UniSwap multiple times a day and receiving ether (ETH) in return. Over the past month, the wallet has sent $3.8 million worth of PEPE to UniSwap, most likely to take profits, with $2.4 million of that transferred in the last 24 hours, as per Arkham data.

Image by Kerfin7 on Freepik 

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