The frog-themed cryptocurrency PEPE has faced a major price drop due to a global memecoin market downturn. Recently, the meme coin exceeded everyone’s expectations when it reached its all-time high of $0.00001717 on May 27. It was down by 23% from that peak at press time.
The price of $PEPE has fallen nearly 20% from its peak.
— Lookonchain (@lookonchain) May 30, 2024
In the past 10 minutes, a whale deposited all 660.7B $PEPE($9.52M) bought a month ago into #Binance, making ~$4.95M, with an ROI of 52%.https://t.co/XTaeBlTNMLhttps://t.co/57yCOHJvpe pic.twitter.com/F6IV3qhrlq
Despite this weakness, a large investor deposited 660.7 billion PEPE, valued at $9.52 Million and purchased a month ago, into Binance. This resulted in a profit of $4.95 Million, equating to a 52% return on investment.
Moreover, recently another trader turned a $462 investment in Pepe Coins into $3.4 Million by buying 324.9 billion PEPE tokens a year ago and selling a portion of them recently.
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
— Lookonchain (@lookonchain) May 22, 2024
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
The trader’s investment saw a 7,368x return, drawing praise from the crypto community for holding onto the meme coin for so long and achieving such significant gains. The data is revealed by Lookonchain, an on-chain analytics platform.
The cryptocurrency community commended the trader for being an early investor in PEPE and holding onto the meme coin for a significant period. Most notably, the trader achieved substantial gains from his investment in a meme coin.
PEPE Community Cheers Traders
Pepe community is one of the most active and influential communities in the crypto space. When these types of traders make profits, they express appreciation and celebrate in the comment section of the related post.
One of the X users called the trader a meme coin hunter while others appreciated the trade.
What’s Behind the PEPE Success
PEPE’s recent success is attributed to its status as an ERC20 token and the recent Ethereum ETF approval scenario. Additionally, its integration on Nexo and the ease of transactions through Apple Pay or Google Pay have contributed to its momentum.
Investor interest is on the rise due to low-entry positions and positive analyst forecasts. Moreover, news like trader turned a $462 investment in Pepe Coins has fueled bullish sentiment, leading to increased prominence in the meme sector.
PEPE Price Performance
The PEPE coin is in its prime time and recently hit an all-time high. At the time of writing it was trading at $0.0000144 with the intraday drawdown of 2.71%.
PEPE has demonstrated outstanding performance in recent times. Its price grew by almost 94.15% in a month, 420.80% in the last three months, and almost 1185.59% in the last 6 months.
