The cryptocurrency world has witnessed an impressive surge of Pepe Coin (PEPE) lately, a digital asset inspired by the infamous Pepe the Frog meme. In a remarkable display of market frenzy, PEPE’s price skyrocketed to an all-time high of $0.00001161, fueled by the resurgence of the GameStop stock craze and the return of internet legend Keith Gill and the whale activities.
As of press PEPE is trading at $0.00001033, a 4.5% drop in the last 24 hours. Its market cap reads at $4.4 billion while its trading volume for the last 24 hours sits at $1.4 billion.
Pepe’s current rally is widely believed to be associated with the unexpected resurgence of the GameStop stock (GME) frenzy. On May 13th, Keith Gill, the man credited with igniting the 2021 GameStop short squeeze, unexpectedly returned to social media after a nearly three-year hiatus. This event sent shockwaves through the market, causing GameStop’s stock price to soar over 111% within 24 hours, surpassing even Bitcoin’s yearly returns.
Coinciding with the GameStop rally, whales mobilized their resources, propelling Pepe Coin to new heights. As the meme coin’s price surged, PEPE’s market capitalization swelled to an impressive $4.63 billion, reflecting the feverish interest in this digital asset.
Amidst the frenzy, one investor achieved what many can only dream of – transforming a mere $3,000 investment in Pepe Coin into a $46 million fortune. On April 15th, 2023, this investor purchased a staggering 4.9 trillion PEPE tokens, which are currently valued at a mind-boggling $56 million.
Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!😱
This super big winner sold 255B $PEPE($2.3M) for profits again after the price of $PEPE increased.
He spent only $3K to buy 4.9T $PEPE($56M currently) on Apr 15, 2023, and sold 1.41T $PEPE for $7.4M, with 3.5T… pic.twitter.com/VKGxmK9gCt
— Lookonchain (@lookonchain) May 15, 2024
With strategic selling and holding, the investor has managed to cash in on a portion of their holdings, realizing profits of $2.3 million from the sale of 255 billion PEPE and $7.4 million from the sale of 1.41 trillion PEPE. Even after these sales, the investor still holds a massive 3.5 trillion PEPE tokens, valued at $38.9 million at the current market price of $0.000011
Pepe’s Derivatives Data and Technical Analysis
As of the latest data, Pepe’s trading volume has decreased by 31.52% to $1.54 billion, while its open interest has dropped by over 8% to $116.54 million.
PEPE Technical Analysis
Pepe’s price chart suggests a potential pullback on the horizon. After reaching a new all-time high on May 15th, the meme coin has witnessed bearish pressure, with its price struggling to maintain its upward trajectory.
According to analysis, Pepe’s price could retrace to the fair value gap or further below to the $0.000007862 support zone. However in the long run, PEPE is also poised to test new all-time highs, with some analysts projecting a bull flag pattern with a breakout confirmed at $0.00000775 and a potential 500% target of $0.000047. PEPE has risen a staggering 1650% in just seven months, indicating a high risk for fresh investments in the asset.
