Pepe (PEPE) surged into the top twenty tokens in terms of market capitalization earlier on Thursday, according to CoinMarketCap statistics, after a “beta bet” narrative increased the token’s value by around 40% during the previous week.
After being released in April 2023, the coin with a frog theme shot to a $1 billion market capitalization in only a few short weeks. With its current status as a meme coin mainstay, it on Thursday achieved a $6 billion market capitalization. In a year that saw the issuance of other meme coins like dogwifhat (WIF), bonk (BONK), and others, this effectively makes pepe the largest meme currency launch of 2023.
The usage of PEPE as a levered bet on the expansion of the Ethereum ecosystem as traders await the approval of a spot ether exchange-traded fund has contributed to its recent surge, along with that of mog (MOG).
A trader who started tiny has at least once achieved great success. According to Lookonchain’s on-chain analysis, a cryptocurrency address that bought roughly $460 worth of the tokens soon after debut made almost $3.4 million in gains this week.
On April 15, 2023, the buyer purchased 324.9B PEPE for 0.22 ETH. According to Lookonchain, the buyer deposited the tokens at the cryptocurrency exchange Binance on Wednesday, where they were likely sold. The address may or may not have been associated with the development team that released PEPE. Yet, meme coin dealers frequently use automated bots. They generally buy little quantities of each token that is released into the market based on predetermined standards in the hopes of making a huge profit down the road.
It is anticipated by some traders that PEPE will eventually flip the dog-themed Shiba Inu (SHIB), which as of Thursday had a $14 billion market capitalization. Over the past year, Pepe’s early purchases have created several billionaires.
As reported, in the week following the token’s launch, a few connected wallets increased their initial investment of $1,200 to over $9 million, and another buyer made over $3 million from a $260 purchase.