PEPE Investor Defies Odds: Profits and Perseveres Amid Scandal and Surge
A previous investor in PEPE, who gained a significant profit of $1.67 million, continues to invest in the memecoin despite allegations of insider manipulation.
This investor recently acquired 1.04 trillion tokens at a value of nearly $950k on Tuesday night. This move has garnered attention from the community, especially considering the recent accusations surrounding the project.
During the initial launch phase, the same investor had purchased 2.43 trillion PEPE tokens for just $60. This early investment led to an impressive profit of $1.67 million as the token’s value surged post-launch.
Over the past 24 hours, the price of PEPE has increased by 6%. This rise could be attributed to Grayscale’s legal victory against the U.S. Securities and Exchange Commission, which has triggered a broader rally in the cryptocurrency markets. Notably, Bitcoin saw a surge of more than 5% in daily trading.
Despite tracking the overall market trend, the future of this frog-themed cryptocurrency’s rally appears uncertain. The project’s official account on X (formerly known as Twitter) recently addressed concerns about a potential rug pull. According to the project team, internal bad actors were responsible for a substantial token sale amounting to $15 million.
Three former team members accessed the multi-signature wallet and absconded with 16 trillion tokens, equivalent to 60% of the total holdings.
Adding to the uncertainty, data from IntoTheBlock reveals a 3.49% decrease in large transactions associated with the project. Additionally, the number of holders in a profitable position has declined by 2.88% despite the recent price upswing. Presently, 77% of holders find themselves at a loss, whereas only 21% are in profit, and 2% remain at a break-even point.