A meme coin inspired by a popular internet frog has turned a small investment into a huge profit for one lucky trader.
A Pepecoin Trader Turned $263 Into Millions
A meme coin inspired by a popular internet frog has turned a small investment into a huge profit for one lucky trader. Pepe, a cryptocurrency that features the image of Pepe the Frog, has seen a staggering rise in value in the past few days, reaching a peak of $0.00000431 per coin on May 6th.
The trader, dimethyltryptamine.eth emerged as one of the largest gainers, spending $260 to obtain 5.9 trillion PEPE tokens. The crypto trader has sold around 56% of their holdings, making over $4 million in profits. However, their remaining balance of 2.56 trillion PEPE is valued at more than $6 million at the time of writing.
Pepe is one of the many meme coins that have emerged in the crypto space, following the success of Dogecoin and Shiba Inu. These coins are often based on humorous or viral images, and have little to no utility or innovation. However, they can attract a lot of attention and speculation from traders who are looking for quick gains or fun.
Pepe is not to be confused with Pepe Cash, another meme coin that was launched in 2016 and is used to buy and sell rare Pepe artworks on the Counterparty platform. Pepe is a newer project that was created in 2021 and runs on the Ethereum network. It has no affiliation with Pepe Cash or the original Pepe the Frog creator Matt Furie.
