On-chain data shows that multiple wallets that bought Pepe Coins in their early days became millionaires for a short time. The meme coin, which debuted last month, continues its momentum despite all major correction expectations.
Pepe Coin surpasses the most popular altcoin projects
Terra Classic, Optimism (OP), Huobi (HT), BitTorrent (BTT) and MakerDAO (MKR) are projects in Pepe’s shadow. Reports indicate that some investors have reached millionaire status during this time.
In one of the transactions that Lookonchain detected, a huge whale transferred a large amount of WBTC, CULT and ETH investments to Pepe Coin. The average purchase price of the whale was $0.0000005533, and it quickly made a profit of $1.23 million.
We noticed a whale exchanged almost all assets for $PEPE.
The whale exchanged 20.62 $WBTC($590K), 17B $CULT($90K), 44,194 $UNI($235K) and 19.96 $ETH($37K) for 1.72T $PEPE ($2.19M currently).
The buying price of $PEPE is ~$0.0000005533 and made a profit of ~$1.23M. pic.twitter.com/O6BOQMd1EW
— Lookonchain (@lookonchain) May 4, 2023
Meanwhile, Pepe Coin’s rally is supported by listings of various exchanges such as ByBit, BitMEX, OKX, and MEXC. However, the fact that it is an Ethereum-based meme coin has led to enormous levels in gas consumption.
Pepe Coin puts Ethereum network in trouble
Pepe (PEPE) managed to consume an astonishing 5,300 ETH (about $10 million) gas fee in just three weeks. This level of gas consumption has raised questions about the token’s impact on the Ethereum network and the wider cryptocurrency market.
Also, in a recent report, DuneAnalytics analyzed the Uniswap transaction of 413,283 PEPEs. The report revealed that the meme coin was consuming a record amount of gas. This was mainly due to the increased use of the Ethereum network along with increased transaction fees. Despite recent changes to the fee structure in Ethereum, the network still struggles to scale effectively.
https://twitter.com/thiccythot_/status/1654343137396142080
‘Fresh millionaire whales can’t get paid’
Pepe Coin made another rally of around 80% on May 5. The boom made the early investors in the PEPE ecosystem rich. For example, someone saw his balance increase from $27 to $4 million, while another turned $250 into $1 million.
However, according to reports, Pepe investor, who turned $27 into $4 million, will never be able to withdraw money as he is blacklisted. According to Twitter’s Borovik.ETH, the address belonged to one of the developers. This means that they cannot sell their assets.
What’s next for Pepe Coin?
Pepe is showing signs of an ongoing uptrend. Meme coin is currently taking advantage of the lack of price history and open traffic. The price is currently trading in the $0.000001989 region, up over 80% for two days. The latest rally has smashed short traders to almost $1 billion.
As Kriptokoin.com, we conveyed that the Pepe Coin rally of the day led to a large short liquidation. Pepe price continues to rise further with no hindrance.
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