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Pepecoin (PEPE) holders may be earning profits as one of the most striking rises in the history of alternative currencies (altcoins) with nearly 5, 000,000% rise in the past few weeks.
After setting a peak of $0.00000431 on Friday, the tokens are now down to 45%. It has reached a market capitalization of $1.8 billion in just 3 weeks since mid April.
This drop in the price is worsened by traders. They take profit on their position and take advantage of advanced trading policies. These policies follow the introduction of several pepe tracked futures in the past week.
PEPE coin has much anticipated success which investors capitalize on to rake in massive profits. Grossing more profit in just two weeks of its release. We can all agree that PEPE made a statement so loud that it can not be ignored.
When it comes to investing there is no room for sentiment. We always find the investors and the crypto whales where the best opportunities are. They are on the prowl for the next crypto project which gives them more ROI.
PEPE coin
These profits are acceptable in ether (ETH). Since November 2021, ether is at an all time high in deposits to exchanges. It was set to high of $4,5000 at that time. As per a Monday tweet, on chain analytics firm Santiment stated that the increasing number of ether deposits arised from traders taking profits on their pepe positions. Some holders turn pocket change into chances after getting into the dawning of pepe.
A trader named dimethyltryptamine.eth spent $263 just three weeks ago to buy trillions of PEPE tokens, selling a part of holdings for over $3.8 million in profits. The trader continues to hold over $5 million worth of the tokens as of Monday. This has raised the anxiety about the conduct of investors who bought relatively large amounts of PEPE after its distribution on the Ethereum blockchain.
It is opening the risks of too much of the coin in too few hands. Coming to light over the short term future of the trending meme coin. About 45% of the tokens circulating supply is controlled by whales. They are the top richest PEPE addresses. These addresses can belong to different 100 people. But one person can hold more than one address which gives the limited number of whales. This increases the risk of price manipulation.
The Lookchain revealed that 5 addresses associated with the Pepe team made a $1.23 million profit in a thin liquid market.
With the number of PEPE holders increasing by the day experts are betting for the momentum for the mean coin price. However, PEPE coins hold some promise for the future.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
