Pepecoin, profit of about 500 million yen for tens of thousands of yen ─ 5 million% rise | coindesk JAPAN | Coindesk Japan

Pepecoin’s (PEPE) dizzying surge — which appeared just a few weeks ago and already has a market capitalization of over $1 billion — was just a fad that ended badly. It has given enormous wealth to those who do not mind the warning.

A classic example is an anonymous trader named dimethyltryptamine.eth who bought trillions of PEPE for $263 just three weeks ago. According to data from blockchain research firm Arkham Intelligence, he made a profit of $3.8 million on the sale of PEPE, leaving about $9 million in his remaining assets. 1.22 billion yen). That’s a profit of almost 5 million times. He said he bought 5.907 trillion PEPE for $263 on April 14.

PEPE is a meme coin inspired by the popular meme “pepe the frog” among cryptocurrency traders. The market capitalization of PEPE, which appeared in April, exceeded $1 billion on May 5, temporarily surpassing Arbitrum (ARB), according to CoinGecko.

However, analysts expressed concern about the concentration of holdings last month, noting that a small number of traders bought a sizeable amount of PEPE when it appeared. Blockchain research firm Lookonchain has revealed that five accounts connected to wallets belonging to pepecexwallet.eth acquired over 8.87 trillion PEPEs for just $385 after issuance.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Danny Nelson/CoinDesk
｜Original: Pepecoin’s Bewildering Rise Turned a Pittance Into an Almost 5,000,000% Meme Coin Profit