The meme coin market is experiencing a resurgence, with one smart trader making a whopping $3.39 million profit after selling a portion of their PEPE holdings. According to Spot On Chain, a leading crypto analytics platform, this whale deposited a massive 500 billion PEPE tokens, worth $4.26 million, to Binance within the last ten days. Notably, the trader still holds a significant amount of PEPE, currently valued at over $1 million.
This windfall wasn’t limited to PEPE. The same trader reportedly pocketed an additional $900,000 from FLOKI and SHIB, two meme coins associated with the popular Shiba Inu ecosystem. This buying and selling spree comes amidst a remarkable surge for PEPE, a frog-themed token launched on the Ethereum blockchain in April 2023.
After a lackluster debut and a subsequent bear run lasting nearly nine months, PEPE finally broke free from its long-term resistance on February 26th. This breakout ignited a three-week rally, propelling the meme coin over 700% and exceeding its previous all-time high by a staggering 140%.
Riding this wave of enthusiasm, PEPE has rocketed into the top 30 global cryptocurrencies by market capitalization, according to CoinMarketCap. The market cap itself has ballooned by 14.7%, reaching a noteworthy $4.42 billion. At the time of writing, PEPE is trading at $0.00001045, reflecting a 15% surge in the last 24 hours alone.
Also Read: Meme Coin Frenzy: $20 Million PEPE Transfer Shakes Up Market (Price Up 689% in 30 Days)
This bullish trend isn’t exclusive to PEPE. Data from TradingView suggests that fellow meme coins FLOKI and SHIB have mirrored PEPE’s trajectory, with gains exceeding 750% and 380% respectively over the past three weeks.
While the long-term sustainability of this meme coin rally remains uncertain, one thing is clear: investors with an appetite for risk are diving headfirst into this volatile sector, with some reaping significant rewards.
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