2023-05-06 15:47:00
The rocket price rise of PEPE over the past few days has resulted in more and more millionaires among the early buyers of memcoin. Yesterday’s listing on the world’s largest cryptocurrency exchange, Binance, increased their profits even further.
According to the analytical platform Arkham Intelligence, dimethyltryptamine.eth was one of the largest investors to make a profit. He spent only $260 to acquire PEPE’s 5.9 trillion. At the time of writing, the user has sold regarding 56% of the tokens for $4 million, but still owns 2.56 trillion coins worth approximately $7 million.
Arkham Intelligence also reported that regarding 50 wallets hold more than $1 million worth of PEPE.
Other PEPE Millionaires
User Apes Prologue posted There are several addresses on Twitter that have benefited greatly from the sharp rise in the Memcoin price. According to his post, user 0xc2450b49 recorded a $1.4 million profit following buying PEPE worth 321 ETH an hour before Binance listed him.
Wallet 0x45cf1 received 2.34 trillion PEPE worth $729,000 13 days ago. According to on-chain data, these tokens were purchased three weeks ago for $26. At the moment, the trader got rid of 77% of the original position and earned $3.4 million.
Another user who bought PEPE for $24 immediately following the launch was blacklisted by the developers of the token. His wallet balance is $7 million.
Investing in memcoins is only beneficial for early investors
Although the prospects for investing in memcoins are very tempting, crypto market experts urge users to stay away from them. Binance CEO Changpeng Zhao stated that memcoins carry a high risk. The crypto exchange confirmed the position of its CEO — on the page with the news regarding the listing of PEPE appeared a warning that the token has neither utility nor a value backing mechanism. Binance also noted that insiders or members of the project team were able to buy 7% of the total supply of coins just a few minutes following the generation.
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