PEPE has made many investors millionaires overnight.
Move over Shiba-Inu fashioned tokens. There’s a new memecoin in town – PEPE – and this one’s after the internet meme Pepe the Frog.
The team behind PEPE declared that “the dog days are over,” while branding PEPE as “the most memeable memecoin in existence.”
The token was launched on April 17th and has been rallying ever since. In less than a week, PEPE ascended to a market capitalization of $137 million and gained a tremendous amount during the period. Following the explosive price rise, this token, with a green frog and a humanoid body, has turned early investors into millionaires. However, realizing those profits won’t be so easy.
PEPE Millionaire
In addition to the lack of buyers, it is also important to consider the existence of sufficient liquidity, which is typically concentrated in automated market maker pools.
However, the token’s liquidity is expected to improve with more listings by the crypto exchanges.
Centralization
Such a level of centralization could spell trouble since it gives those holders massive power over the token’s price. Stories of investors turning into millions were further speculated to be a honeypot to lure unsuspecting investors into the nascent ecosystem.