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From meme to millions: PEPE cryptocurrency’s explosive $150m growth

From meme to millions: PEPE cryptocurrency's explosive $150m growth

As the cryptocurrency sector continues to grow, with new digital assets appearing every day, the newly created cryptocurrency PEPE has caught the crypto community’s eye, and for a good reason, as it is already recording massive success, both in terms of its price and market capitalization.

Indeed, thanks to the overwhelming popularity of the Pepe the Frog meme, the PEPE crypto, which was created on April 15, has already surpassed a $150 million market cap and continues to advance, as observed by the finance tracking platform Unusual Whales on April 19. 

PEPE analysis. Source: unusual_whales

Making millionaires

Thanks to such explosive growth, one PEPE investor managed to become a millionaire, turning a $251 investment into millions in just several days, and investors continue to flock toward the digital asset they are hoping could repeat the success of other meme cryptos, such as Dogecoin (DOGE) and Shiba Inu (SHIB).

Specifically, the investor, known as SmartMoney, spent 0.125 Ethereum (ETH) to buy 5.9 trillion PEPE on April 15, turning themselves into a millionaire, as noted by the blockchain analytics platform Lookonchain on April 19. Considering the price of the token at press time, this investment is now worth well over $2 million.

PEPE purchase that is now worth $2 million. Source: Lookonchain

At the same time, as the crypto community on Twitter noted, another user managed to make nearly $1 million (specifically $870,678 at press time) after putting in only $27 to buy more than 2.5 trillion PEPE on April 19, according to the posts shared by Twitter users lyx.eth and borovik.eth on April 19 and 20.

Built on the Ethereum blockchain, PEPE is a powerful mix of decentralized technology and meme culture, owing its surge to the widespread popularity of the meme featured on various social media platforms. Pepe the Frog himself originates in 2005 as a character in Matt Furie’s comic series, ‘Boy’s Club,’ and users in places like MySpace, Gaia Online, 4chan, and Reddit have widely shared it.

Pepe price analysis

At press time, the price of PEPE might look unimpressive at $0.0000003456 but zoomed out on the larger scale demonstrates a significant upward movement for the newly launched digital asset, which is up 31.45% in the last 24 hours, as per the latest data retrieved by Finbold from the crypto monitoring and analysis platform CoinMarketCap on April 20.

PEPE 24-hour price chart. Source: CoinMarketCap

Whether PEPE manages to retain its bullish momentum and continues to rise ‘to the Moon,’ will depend on multiple factors, including the developments and sentiment directly related to it but also the general atmosphere on the wider crypto market and the global macroeconomic landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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