The recent surge in popularity of meme coins resulted in the creation of numerous new tokens, including PEPE, inspired by the well-known character Pepe the Frog. As people sought to replicate the success of Shiba Inu, many turned their attention to PEPE, hoping to achieve significant financial gains. Early adopters of PEPE experienced substantial profits as its price soared by more than 1,000%. However, like other recently launched cryptocurrencies, the excitement surrounding PEPE eventually waned.
Presently, the price of PEPE is 78.57% lower than its previous all-time high of $0.000004354, which was reached on May 5, 2023. As of now, the meme coin is trading at $0.0000009351, representing a daily increase of 0.81%. This substantial decline in the asset’s value has led many to perceive it as a short-lived phenomenon, akin to a passing fad.
According to the chart provided, the Relative Strength Index (RSI) indicator showed a higher presence of selling activity in the PEPE market compared to buying activity. Additionally, data from IntoTheBlock indicated that a considerable 71% of PEPE holders were facing losses, while only 26% were making profits.
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How Profitable Are PEPE Holders Now?
Despite the indications that the meme coin’s prosperous period might be coming to an end, new information from Lookonchain has revealed a noteworthy development. An address has been actively involved in investing in the meme coin for a significant duration.
In April, this address used $987 worth of ETH to acquire a substantial amount of 571 billion PEPE tokens. Later on, the investor decided to sell around 392.5 billion PEPE tokens, which resulted in acquiring 597 ETH, valued at $1.12 million during that time. These transactions have significantly contributed to the address’s accumulated realized profits, which now stand at an impressive 596 ETH.
Contrary to the prevailing sentiment and community speculation regarding the meme coin’s potential decline, this address has defied expectations. It demonstrated renewed confidence and interest in the asset by investing an additional 69 ETH, equivalent to $121K, to acquire more tokens.
Notably, over the weekend, the address made a remarkable purchase of 128 billion PEPE tokens, indicating a revived enthusiasm for the meme coin. This unexpected move has generated curiosity and speculation among market observers, prompting discussions about the meme coin’s future potential.