Ethereum-based Memecoin Pepe (PEPE) has been making waves in the crypto market with huge gains over the past few weeks, turning some smart money into millionaires.
Since its launch, memecoin has soared more than 1,000% to an all-time high and is currently ranked 92nd among the top 100 cryptoassets by market capitalization.
Source: Coinecko
millionaire pepe
Online analytics platform Lookonchain reported three addresses earning more than $1 million through PEPE transactions.
Lookonchain said the first address purchased 5.4 trillion PEPE for 1 ETH ($2,100). The address sold 3.42 trillion PEPE for 929 ETH on April 30, with a net profit of $1.77 million.
Meanwhile, the correct address still contains 2 trillion PEPE worth $2.37 million.
Another trader, dimethyltryptamine.eth, bought 5.9 trillion PEPE for 0.125 ETH ($215). The address subsequently sold 2 trillion PEPE for 560 ETH ($1.06 million) and still holds 3.9 trillion tokens worth $2.37 million.
Meanwhile, the last address entered the market late, spending 2.3 ETH ($4.822) to buy 4.22 trillion PEPE. After selling 3.22 trillion PEPE for 6.70 ETH ($1.3 million), the deal netted the trader a bargain, leaving the remaining holding valued at $1.18 million.
Blockchain analytics firm Arkham Intelligence reported that more than 50 addresses hold more than $1 million worth of PEPE.
According to the company, one of the first memecoin buyers was Deployment Wallet, which spent $2 to buy $195 billion in PEPE. A week later, the wallet sold the tokens for 22.94 ETH ($42,200), and could make more money with extra patience.
The number of PEPE exceeds DOGE
On the other hand, Pepe’s transaction volume has surpassed that of Dogecoin, marking a major milestone for the controversial digital currency.
According to CoinGecko, Pepe’s 24-hour volume reached $434 million, while DOGE’s was $312 million.
Similar to other meme-based cryptocurrencies like Dogecoin and Shiba Inu, Pepe also lacks a clear purpose and is seen primarily as a speculative tool. This has led to questions about the legitimacy of the project and accusations that it is a scam.
Despite these concerns, Pepe’s roadmap has ambitious goals, focusing on growth, community engagement and expanding reach. This whimsical project aims to topple other popular meme-based cryptocurrencies such as Dogecoin by reaching milestones.
With Pepe’s recent achievements, including higher 24-hour trading volume than Dogecoin and breaking into the top 100 cryptocurrencies, the project appears to be making progress toward its goals.
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According to Cryptoslate
