Dormant PEPE wallet stirs with 2.1T tokens moved during rally
A dormant PEPE (CRYPTO:PEPE) wallet has made waves as it transferred 2.1 trillion tokens, worth about $52 million, after being inactive for 600 days.
The transfer, tracked by Lookonchain, showcases the incredible potential of meme coin investments.
The whale that moved the PEPE tokens had initially purchased them for just 0.0135 ETH, roughly $27 at the time, leading to an astronomical 1,900,000x return on investment.
The PEPE coin, inspired by the internet meme Pepe the Frog (CRYPTO:PEPEBNB), has seen massive price gains.
Despite the brief setback from Binance’s decision to delist certain trading pairs, PEPE has surged 1,500% in the past year.
The whale’s move raises questions about whether this is a strategic reshuffling or a profit-taking decision.
Regardless, PEPE’s performance highlights the ongoing appeal of meme coins, which, despite lacking substantial use cases, continue to generate impressive profits.
Meme coins, such as PEPE, have been a source of wealth for opportunistic traders.
A notable example is from May’s meme coin mania, when an investor turned a $3,000 investment into $46 million – a 15,718x return.
Similarly, MAGA (CRYPTO:TRUMP), a politically themed meme coin, saw a significant price surge in July after a political event, with one trader profiting $8 million from a small investment.
However, investors are reminded that meme coins are volatile and carry significant risk, and caution should be exercised when considering them for investment.
At the time of reporting, the price of Pepe (PEPE) was $0.00002306.
