Pepe, the meme coin inspired by the internet frog icon, has taken the crypto world by storm. Launched in April 2023 on the Ethereum blockchain, Pepe quickly gained traction with its playful narrative and meme-fueled marketing. This resulted in an impressive price surge, attracting both early investors and controversy.
Early Investor Turned Mega-Whale Faces Blacklisted Dilemma
One particular investor stands out – a PEPE whale who turned a measly $26 investment into a staggering $60.3 million. This translates to a mind-blowing 232,068,400% return on investment (ROI). However, there’s a catch: the developers blacklisted the whale’s wallet, preventing them from cashing out.
On-chain data reveals that the whale acquired 2.52 trillion PEPE tokens for a mere 0.013 ETH on the launch day itself (April 14, 2023). This seemingly insignificant sum now represents a life-changing fortune.
Blacklist Controversy – Developer Manipulation or Market Protection?
The reason behind the blacklisting remains shrouded in speculation. Popular theories suggest the whale might be a PEPE developer, blacklisted to prevent them from manipulating the market by selling their massive holding.
This “onlyOwner modifier” embedded in the contract grants developers the power to blacklist wallets. With the whale’s holding constituting almost 0.6% of PEPE’s total supply, a sudden sell-off could indeed crash the price. However, the developers’ true intentions are yet to be confirmed.
Early Investors Cash Out While Whale Waits
While this particular whale remains stuck with their unsellable fortune, other early PEPE investors haven’t missed the opportunity to cash in. Reports highlight another investor who turned a $200,000 investment into a whopping $1.97 million, marking an impressive 886% ROI. These success stories further fuel the meme coin’s allure.
Adding to the excitement, PEPE recently reached a new all-time high of $0.00002524. This surge coincides with a report that California-based crypto exchange Robinhood has listed the meme coin. As of writing, PEPE trades at $0.00002322, boasting an impressive 84% increase in the last 24 hours.
The frog-themed token currently sits at the 14th position in terms of market capitalization, boasting a valuation of $9.77 billion.
Pepe’s story highlights the high-risk, high-reward nature of meme coin investing. While some investors strike gold, others might face unexpected roadblocks. The blacklisting incident also raises questions about developer control and transparency in the meme coin space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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