- An unidentified trader who purchased 4.9 trillion PEPE for $3000 has reportedly made $56 million profit, representing a 15,718 fold return on his initial investment.
- Analysts have linked the recent surge of Pepe to the GameStop craze, claiming both assets are relatable.
An unknown Trader makes a remarkable achievement as he records an astronomical return of 15,718 times on his initial investment of $3000 on Pepe (PEPE). According to the report, the savvy trader purchased 4.9 trillion PEPE for $3000 on April 15. Interestingly, the recent bullish reversal, skyrocketing the asset to $0.00001 catapulted his portfolio to $56 million. Per current data from CoinMarketCap, PEPE has surged by 28% in the last seven days, 110% in the last 30 days, and 782% in the last 90 days.
With the market showing signs of bullish extension, the unidentified trader has sold 1.41 trillion PEPE for $7.4 million, with 3.5 trillion PEPE, worth $38.9 million sitting in his wallet.
Reason for the Sudden Surge of Pepe
Pepe’s sudden upsurge has been linked to the GameStop (GME) stock craze which got ignited by the recent appearance of Keith Gill for the first time since June 2021. As earlier reported by Crypto News Flash, Gill is credited with the 2021 GameStop’s explosive run which saw the asset surging by more than 1000% in less than a month. His recent appearance triggered a 74% surge on Monday, with Birdeye data reporting a 3,650% GameStop spike in a single day.
According to the CEO of Meter Xiaohan Zhu, the GameStop saga could be one of the contributing factors for Pepe’s surge. However, the recent market pullback was largely due to massive profit-taking and the several large scale projects getting launched on exchanges.
The GME saga may be one of the factors contributing to PEPE’s momentum. I attribute the recent board drop in crypto primarily to profit-taking and numerous large-scale projects getting listed on exchanges and thus absorbing much of the market’s liquidity.
To confirm the direct relationship between the price of GME and altcoins, CryptoAmsterdam’s shared a chart on X, pointing out that the 2021 altcoin rally was materialized right after the GameStop’s rally. According to Aleksandra Artamonovskaja, head of art at TriliTech, Tezos, the characteristics of Pepe are very similar to that of SME, explaining why it was the first to react significantly to the GME drama.
Beyond being the most recognized meme on the internet, Pepe is a culture of its own and symbol against the establishment, symbol of freedom and hope – a relatable narrative of the GME saga.
Meme coins Likened to Punk Music Genre
Commenting on the potential of the meme ecosystem and its adoption over the past few years, Hao Yang, the head of financial products at Bybit exchange likened it to the Punk music genre which became a very popular musical movement after earlier criticisms.
It can be recalled that the chief technology officer for a16z crypto Eddy Lazzarin recently subjected the meme industry to a serious criticism, likening the asset class to “high-risk casinos” and claiming it is damaging the crypto community. However, Hao Yang believes that recent growth of meme coins, reaching a billion-dollar valuation, shows the absurdity of the fiscal system.
The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear…By printing tokens out of thin air and pumping them to billion-dollar valuations, these creators are showing the absurdity of our current fiat system.
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