Memecoin Investor Turns $26 Into $61.5M

PEPE Investor Turns $26 into $61.5M, Despite Blacklisting

On November 15, 2024, a remarkable investment journey emerged in the cryptocurrency world. An investor had transformed a $26 investment in PEPE, a meme-inspired cryptocurrency, into a staggering $61.5 million.

Strategic Investment Pays Off

In April 2023, the investor seized an opportunity in PEPE. With a calculated 0.013 ETH investment (approx. $26), they acquired a vast 2.52 trillion PEPE tokens. Fueled by increasing interest and favorable market conditions, the token's value soared, propelling the investor's initial investment to $61.5 million.

However, a twist in the tale emerged: the wallet associated with the investment was blacklisted by the token's developers, making the substantial profit inaccessible. The reasons for this blacklisting remain undisclosed.

Whale Transactions Fuel Momentum

Parallel to individual investments, whale activities have significantly influenced PEPE's recent rally. Data from Lookonchain reveals a significant deposit of 500 billion PEPE tokens, valued at $11.38 million, into Coinbase by a whale.

This whale had accumulated tokens over several months, investing 1.173 ETH (approx. $2.04 million) between May and September 2023. The extended holding strategy paid off as PEPE's value surged, resulting in substantial profits.

Exchange Listings and Market Confidence

The listing of PEPE on major exchanges like Coinbase, Robinhood, and Upbit further fueled its price and trading volume. Increased accessibility led to a surge in trading activity, with PEPE reaching an all-time high of $0.00002524.

Market Consolidation and Future Prospects

After the initial rally, PEPE experienced a pullback and is currently consolidating at $0.00002232. Trading volume has also declined. Despite the dip, PEPE's market capitalization remains at $9.41 billion, indicating investor confidence in its potential.