The Rise of Memecoins: PEPE Coin Soars

Following Donald Trump's triumph in the US Presidential Elections, the memecoin market has experienced tremendous growth and performance.

PEPE Coin Breaks Records

PEPE, a renowned Frog memecoin, has achieved a new all-time high after a remarkable 75% surge following its listings on Coinbase, Robinhood, and Upbit.

Whale Transactions

Data from Coinglass, a crypto futures platform, indicates that PEPE's open interest has increased by 63% to $316 million. Additionally, a PEPE whale reportedly sold 500 billion coins, netting a profit of approximately $45 million. This sale, along with others by PEPE investors and whales, appears to be an attempt to secure profits.

Smart Money at Work

On November 14, Lookonchain reported that a whale profited $11.8 million by selling 500 billion PEPE coins. From May 5 to September 10, 2023, the whale acquired 2.01 trillion PEPE tokens for an initial investment of 1,170 ETH (worth $2.12 million).

Whale Holdings

Despite recent Coinbase deposits, the whale remains in possession of 1.48 trillion Pepe coins, valued at $33.2 million. This suggests a 20x return on the whale's initial investment, with a total profit of $45 million.

Market Dynamics

PEPE's impressive growth has propelled it to a market capitalization of $10 billion. Daily trading volumes have also surged by 200% to over $20 billion amidst the excitement.

Industry Trends

Alex Kruger, a prominent economist, has observed that "except for Bitcoin, the crypto world is now mainly about memecoins, and this is the demand of ." The proliferation of memecoin listings on exchanges such as Binance and Coinbase supports this trend.

Other Memecoins

Beyond PEPE Coin, other memecoins have also experienced significant gains. Dogecoin (DOGE) has surged over 100% in a week, while PNUT's price has skyrocketed by 200% (with weekly gains exceeding 1600%). DOGE is currently trading at $0.392, while WIF is valued at $4.18.