Whale’s $27 Investment in Pepe Memecoin Surges to $52 Million in Profit
Bitcoin's recent surge to a new record high has sparked a fresh wave of optimism in the market, with Pepe (PEPE), one of the standout memecoins, seeing impressive gains.
The token has risen by 4.2% in just a single day, 14.4% over the past week, and 8.4% in the last month. Since December 2023, PEPE has experienced a jaw-dropping 1625.4% surge. However, the coin recently faced a slight correction, falling by 8.8% over the past week.
In an intriguing development, LookOnChain, a crypto analytics firm, reported that a PEPE whale, who had been inactive for 600 days, has moved a massive 2.1 trillion tokens to a new wallet. The whale initially purchased these tokens for just 0.0135 Ethereum (ETH), worth approximately $27.
Now, with the price of PEPE having skyrocketed, those 2.1 trillion coins are valued at around $52 million, yielding an extraordinary return of approximately 1,900,000 times the original investment.
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Since its debut in April 2023, PEPE has quickly become one of the most talked-about cryptocurrencies, with early investors seeing significant profits from modest investments.
CoinCodex, a crypto data platform, predicts that PEPE will continue its upward momentum in the coming month, possibly reaching a new all-time high of $0.000112 by January 2025, representing a 368.82% increase from current levels. However, they also foresee a potential correction, predicting the price could drop to around $0.00005 by February 2025, which would mark a significant pullback after a strong rally.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
