Is the meme coin mania making a comeback?
Launched just over a fortnight ago, Pepe (PEPE), the cryptocurrency inspired by the “Pepe the Frog” meme, has already created numerous millionaires overnight.
One fortunate early PEPE investor turned a mere $260 investment (0.125 ETH) into a staggering $8 million by acquiring 5.9 trillion PEPE tokens last month, according to blockchain analytics firm Arkham.
Frogs vs. Dogs: The Meme Coin Battle
Meme coins are witnessing a renaissance, with PEPE attracting investors aiming to replicate the success of dog-themed rivals Dogecoin (DOGE) and Shiba Inu (INU). PEPE’s value skyrocketed after Binance, the world’s largest crypto exchange, listed it in their innovation zone. The froggy token’s market cap soared past $1 billion, making it the 40th largest cryptocurrency.
The anonymous investor, known as dimethyltryptamine.eth, now holds nearly $8 million in PEPE coins. However, they could face liquidity issues when attempting to cash in on their newfound fortune.
Meet PEPE: The Ultimate Meme Coin
Billed as “the most memeable memecoin in existence,” PEPE has a circulating supply of 420 trillion, a cheeky nod to popular cannabis culture slang. The meme coin phenomenon gained traction following the explosive rise of dogecoin and Shiba Inu, which reached market caps in the tens of billions during the previous bull market.
PEPE seems to have dethroned its canine competitors, as its trading volume recently surpassed that of both DOGE and SHIB. Despite their paper millionaire status, dimethyltryptamine.eth has not yet sold their tokens, reflecting the “hodl” mentality often adopted by crypto investors.