An unidentified cryptocurrency trader managed to cash in on the soaring price of the Pepe memecoin, transforming a modest $3,000 investment into a staggering $46 million in just a single month.
It was reported that over 15,000 times the original stake was made by selling a significant portion of the 4.9 trillion PEPE initially bought by the mystery trader. With each piece of this digital currency now worth substantially more than at the time of purchase, the remaining value of the still untapped PEPE assets in their digital wallet stands at an impressive $38.9 million.
Currently, the market capitalization of Pepe sits at $4.5 billion, earning it third place among the memecoin rankings, just behind Dogecoin and Shiba Inu (SHIB). The price of Pepe has surged by over 40% in the past week alone.
Hao Yang, Head of Financial Products at Bybit exchange, likens the rise of memecoins to the Punk music genre, both emerging from an air of disillusionment, particularly among younger generations. Yang further comments on how these new forms of digital assets accentuate the absurd aspects of our existing financial system, saying: “By printing tokens out of thin air and pumping them to billion-dollar valuations, these creators are showing the absurdity of the traditional fiscal system.”
Pepe’s most recent upward trend may be tied to the revival of interest in GameStop shares. Trailblazer investor Keith Gill, who is widely credited for triggering the 2021 GameStop short squeeze, recently returned to social media after a three-year break, an event that coincided with a significant increase in both GameStop’s stock and Pepe’s value.
Meter’s CEO, Xiaohan Zhu suggests that the drive in GameStop’s share might be the primary reason for Pepe’s price boost. According to historical data patterns, significant profits from GameStop have previously flowed into altcoins, indicating a possible resurgence of the memorable 2021 bull run for memecoins. While it is challenging to predict with certainty, many believe that Pepe, due to its relatable narrative with the GameStop boom, may be poised to rally even further.