DeAndre Cortez Way, a famous American musician, rapper, actor, record producer, songwriter, and entrepreneur who goes by the stage name Soulja Boy, is famous for promoting different cryptocurrencies on his social media platform. Recently, he mentioned the popular meme-inspired cryptocurrency PEPE in a tweet.
In 2021, Soulja Boy tweeted that he had invested in XRP, Bitcoin, and ADA. He had also joked about launching his own cryptocurrency called Souljacoin. However, he never mentioned it again.
Recently, he made a tweet mentioning the popular meme-inspired cryptocurrency PEPE and claimed that he had become rich from it. He quoted a line from a famous song, “I Done Got Rich” by American hip-hop singer YEAT.
The Liquidity Issue That May Surround PEPE
PEPE, a meme coin launched in April this year, has seen a significant surge in value, with many investors earning triple-digit returns and even six-figure profits. However, due to low liquidity, investors cannot easily convert their investments into fiat. If many investors decide to sell their holdings, the asset’s value would drop sharply.
Nonetheless, more exchanges could potentially list PEPE, as there is a high level of interest in the project, which would increase liquidity. This scenario occurred with Shiba Inu (SHIB), which saw multiple listings due to its popularity.
Related article: Race to $0.01: Which Will Reach It First, Shiba Inu or Pepe Coin?
If the Pepe community wants to increase the liquidity of the token, they could learn from the SHIB community, who actively campaigned for the token’s listing on various platforms, including Robinhood.
However, several exchanges, including MEXC, Bybit, Gate.io, and OKex, have added PEPE to their list of supported cryptocurrencies.
PEPE Jumps 72.06%, Whale Sees Over $1.2m Profit
According to the “Smart Money” tracker @lookonchain, a large crypto holder (also known as a “whale”) has been observed converting significant amounts of other cryptocurrencies to purchase PEPE. This whale converted 20.6 Wrapped Bitcoin (WBTC) worth $590,000, 17 billion CULT evaluated at $90,000, 44,194 UNI worth $235,000, and 20 Ethereum (ETH) worth $37,000, in exchange for 1.71 trillion PEPE tokens.
This amount is currently worth more than $2.57 million, resulting in a profit of around $1.7 million for the whale.