A new memecoin PEPE has made a remarkable ascent in recent days, creating a wave of millionaires among its early investors. The coin’s value skyrocketed after its listing on Binance, further adding to the profit margins of those who had already invested.
Dimethyltryptamine.eth is one such investor who made a fortune after investing just $251 in 5.9T $PEPE. After selling off 56% of their holdings for over $4 million, they still have 2.56 trillion $PEPE in their portfolio. However, they are not alone in their success. Over 50 addresses hold more than $1 million worth of PEPE, according to blockchain analytics firm Arkham Intelligence.
On-chain detective Apes Prologue has also uncovered several addresses that have profited from PEPE’s surge in value. One wallet, 0xc2450b49, made over $1.4 million buying PEPE worth 321 ETH an hour before Binance listed it. The same wallet had previously spent $37,000 to acquire 434 billion PEPE on April 18, selling and repurchasing the asset multiple times within a few hours.
Another address, 0x45cf1, received 2.34 trillion PEPE worth $729,000 just 13 days ago. The memecoins were purchased three weeks earlier via the 0x08f12 wallet for $26. The trader made $3.4 million by selling 23% of their holdings, but their remaining holding is still valued at about $2 million.
However, Binance CEO Changpeng Zhao has warned investors of the high risks associated with investing in memecoins. He tweeted that traders need to conduct proper research before investing in them. Additionally, Binance noted that PEPE has no token utility or value support mechanism, and insiders or team members can buy 7% of the total token.
Despite the potential risks, the massive profits made by early investors in PEPE have undoubtedly caught the attention of many traders in the crypto space.
Also Read: How to Buy Pepe Coin: A Beginner’s Guide
