PEPE’s Surge to Top 20 Tokens Turns Early $460 Purchase to $3.4M

As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of meme coins that promised the moon but delivered little. However, the recent surge of Pepe (PEPE) has caught my attention. With a market capitalization of $6 billion and being the biggest meme coin launch of 2023, PEPE is impossible to ignore.Pepe (PEPE) experienced significant growth and joined the ranks of the twenty biggest cryptocurrencies by market capitalization on Thursday. The “beta bet” trend boosted the token with approximately a 40% price increase over the last week, according to CoinMarketCap’s data.

In April 2023, the frog-themed digital token was introduced, swiftly gaining traction and reaching a market capitalization of $1 billion just weeks afterwards. Nowadays, it is a prominent player among meme coins, with its market capitalization soaring to an impressive $6 billion on a recent Thursday. This significant growth has established “pepe” as the most successful meme coin launch in 2023, surpassing other tokens like bonk (BONK) and dogwifhat (WIF) that were also introduced this year.

PEPE and MOG have experienced a significant surge in value lately, driven in part by investors viewing them as leveraged wagers on the expansion of the Ethereum market. The optimistic outlook stems from the expectation that a U.S. spot Ether ETF will soon be authorized.

On April 15, 2023, an individual spent the equivalent of 0.22 Ethereum (ETH) to acquire approximately 324.9 billion PEPE tokens. Subsequently, they transferred these tokens to the popular crypto exchange, Binance, according to Lookonchain’s data. It is assumed that these tokens were then sold on this platform.

There’s uncertainty whether the given address is linked to the developers behind PEPE‘s issuance. Nevertheless, it’s frequent practice among meme coin traders to employ automated bots for purchasing small quantities of new tokens according to specific conditions, in anticipation of potential substantial profits later on.

Traders anticipate that the market value of PEPE, the dog-themed meme coin currently worth around $14 billion, could surpass that of SHIB, the shiba inu-themed cryptocurrency, at some point in the future.