Pepe is the hot new meme coin that everyone can’t stop talking about. The enormous climb in value in a short time is responsible for all the chatter.
One particular whale turned $27 into more than $4M. Yet, according to the cryptocurrency community, the owner do the related wallet might never be able to cash in on those gains.
“Blacklisted” Pepe Wallet Left A Sad Frog
The meme coin based on Pepe the Frog has everyone who bought in earlier today, feeling good. Aside from a little chop here and there, the rising star in crypto simply wont stop climbing higher.
Early adopters turned $250 into $1 million, and in this latest example, a Pepe wallet that holds 2.5 trillion tokens turned $27 into over $4 million. This rounds out to roughly 0.59% of the max supply.
The only problem, is that according to crypto Twitter, the owner of the coins cannot cash out, and has been “blacklisted.” User “Borovik.ETH” claims it was a dev’s wallet, and therefore is unable to sell their holdings.
Ethereum versus the frog king of the memes | PEPEUSDC on TradingView.com
Why The King of Meme Coins Could Keep Climbing
Shocking stories of fortunes being made by simply buying and holding Pepe are growing by the day. And while the early returns are certainly substantial, because of the dynamics of price discovery, it could be nowhere near done.
New cryptocurrencies perform the best as capital and liquidity rushes in. With no bagholders to speak of, there is no real resistance levels leading to large price increases and extended moves.
For example, in Bitcoin or Ethereum, much of the best performance came early on after the asset began trading on exchanges. The same can be said for more recent altcoins like Chainlink or Solana.
In the comparison above, Pepe can be seen side-by-side with Ethereum. The chart, made for entertainment purposes, is pure speculation and designed to demonstrate the lack of price history and clear skies 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