A new coin named Pepe has witnessed astounding 7500x growth in just a few days, which has caused a rapid increase in popularity in the cryptocurrency industry.
PEPE turns $250 to $1 million in just four days
Following a quick, amazing profit, a new crypto token made waves among meme-coin fans. In less than a week, early investors who invested $250 in the PEPE cryptocurrency, which is based on the popular internet meme Pepe the Frog, had made roughly $1.1 million.
Following significant occurrences, including a crypto investor exchanging 0.125 Ethereum worth just $250 for 5.9 trillion PEPE tokens on Sunday, data from Etherscan convinced crypto investors to purchase PEPE tokens. Interestingly, LookOnChain reports that this $251 worth quickly rose to $1.14 million at $0.0000001933 value.
Due to token liquidity concerns, the PEPE holder could find it difficult to realize that profit. Even if the meme coin investor presently owns $1.02 million in PEPE tokens, a deeper look reveals that the value of assets “on paper” and actual cash owned varies.
Market analyst at Conotoxia Ltd., Grzegorz Drozdz, alerted investors of a significant dilemma when he said “Assuming non-declining demand, it would take 46,200 years to liquidate these assets with 5.9 trillion PEPE tokens in their portfolio.”
He further emphasized that attempting to book all of the profit quickly might cause the price of the PEPE token to collapse suddenly, “even below the purchase level.”
Why do investors need to be cautious about PEPE?
Everyone realized that popular memes that the general public can connect to will sell after Dogecoin’s popularity. Therefore, if you believe that the Pepe the Frog token is unique, you should wait.
The PEPE token’s supply is mostly concentrated in just six wallets, each of which possesses more than $1 million worth of cryptocurrency. This kind of centralization is concerning since the owners of these wallets have the power to significantly affect the token’s price, maybe pushing it to zero because there isn’t enough readily available liquidity.
Furthermore, it has been noted that just four days ago, these significant PEPE holders all received their supplies virtually simultaneously. This unique behavior raises concerns regarding potential collaboration between the owners of these wallets and their motivations for amassing such significant sums of PEPE.
The cryptocurrency industry has been buzzing with the rumor of a trader who supposedly converted a $250 investment into $1 million, which has increased interest in the Pepe token. This story could, however, just be a cleverly constructed ruse to get naïve consumers to buy PEPE.
The wallet address in issue had no history of trading previous to acquiring PEPE, indicating that the trader may be closely related to the token’s developers.
Beyond speculative trading, the token has no discernible use case or function, yet that seems to be enough for it to keep rising even after becoming popular.
The meme token’s official website even asserts that the token has no intrinsic value. And it is not something that should be invested in if one expects to make big profits.
What is PEPE Token?
The value of the Pepe-the-Frog-themed meme-coin PEPE has increased over the past four days after it declared itself to be “the most memorable meme-coin in existence.” Dogecoin and Shiba Inu, two meme-coins with dog themes that competed with it, as well as the bear market in cryptocurrencies, were all alluded to in the slogan “dog days are over” that was used by its creators.
A further meme reference is a fact that there are 420.69 trillion Pepe tokens in existence overall. Nearly 30,000 people owned the token at its all-time high when its market worth was $165 million. The initial supporters of investment are currently sitting on enormous earnings. The top 100 investors possess almost 44% of the overall supply, according to Coinmarketcap, which is an essential point to keep in mind given the size of the investor base. Therefore, the price will drop if they decide to dump it on the investors.
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