Pepe is the hot new meme coin that everyone can’t stop talking about. The huge increase in value in a short period of time is responsible for all the chatter.
One particular whale turned $27 into over $4 million. But according to the cryptocurrency community, the owner of the associated wallet may never be able to cash out those winnings.
“Blacklisted” Pepe wallet left a sad frog
The meme coin based on Pepe the Frog has made anyone who bought earlier today feel good. Aside from a minor hiccup here and there, the rising star in crypto just won’t stop climbing higher.
Early adopters turned $250 into $1 million, and in this latest example, a Pepe wallet with 2.5 trillion tokens turned $27 into over $4 million. This amounts to about 0.59% of the maximum supply.
The only problem is that according to crypto Twitter, the owner of the coins cannot cash out and is “blacklisted”. User “Borovik.ETH” claims it was a developer’s wallet and therefore cannot sell its holdings.
Ethereum versus the frog king of the memes | PEPEUSDC on TradingView.com
Why the king of meme coins could continue to climb
Shocking stories of fortunes being made simply by buying and holding Pepe are growing by the day. And while the early returns are certainly substantial, due to the dynamics of price discovery, it could be nowhere near happening.
New cryptocurrencies perform best when capital and liquidity rush in. Without significant bagholders, there are no real resistance levels leading to large price increases and extended moves.
For example, in Bitcoin or Ethereum, many of the best performances came early after the asset started trading on exchanges. The same can be said for more recent altcoins like Chainlink or Solana.
In the above comparison, Pepe can be seen next to Ethereum. Created for entertainment purposes, the chart is pure speculation and designed to demonstrate the lack of price history and clear skies that Pepe has above current levels.
This is crypto, and anything is possible. Especially for the king of crypto memes.
Don’t see why not pic.twitter.com/tlpr7Ft3Aa
— Tony “The Bull” (@tonythebullBTC) May 4, 2023