How This Early PEPE Buyer Turned $260 Into Almost $8 Million Amid Meme Coin Frenzy

Is meme coin season really back?

Pepe (PEPE), the token which sprouted out of the “Pepe the Frog” meme and went live a little over two weeks ago, has already minted many millionaires overnight.

One early PEPE buyer swapped 0.125 ETH worth $260 for 5.9 trillion PEPE tokens last month. Those tokens are currently worth nearly $8 million, according to blockchain analytics firm Arkham.

PEPE Millionaire

Meme coins have enjoyed somewhat of a renaissance in recent weeks. PEPE has seen particularly high interest as investors flock to the frog-themed token, hoping to repeat the success of rival dog-themed meme coins Dogecoin (DOGE) and Shiba Inu (INU).

The newly-launched PEPE received a massive boost yesterday after the world’s largest crypto exchange, Binance, listed the token in the platform’s so-called innovation zone. PEPE soared another 124% over the past day, pushing the frog-inspired token’s market cap above the $1 billion mark. One PEPE is currently worth $0.000003 per CoinGecko. With an impressive market value of over $1 billion, PEPE is now the 40th largest cryptocurrency.

Arkham recalls that buyer dimethyltryptamine.eth, who remains anonymous, scooped up $260 worth of PEPE last month, and his stockpile has now ballooned to almost $8 million. However, this PEPE holder could encounter problems trying to realize that profit due to liquidity concerns around the meme coin.

What is PEPE?

Pepe creators branded it “the most memeable memecoin in existence.” The token has a circulating supply of 420 trillion, a reference to “4/20,” a popular cannabis culture slang.

Traders have a knack for jumping on the meme coin craze, mainly after the meteoric rise of tokens such as dogecoin and Shiba inu — which rocketed to tens of billions in market capitalization during the previous bull market.

Pepe appears to have taken the crown as traders’ favourite meme coin. Earlier this week, trading volume for PEPE surpassed that for both DOGE and SHIB.

While PEPE’s huge rally has turned some early investors into millionaires — on paper, at least — dimethyltryptamine.eth has yet to sell his tokens, underscoring a popular trend of long-term holding strategies among crypto investors.