• PEPE is up 69% on the day and has just hit a new all-time high.
• A whale sold almost all of its holdings to buy PEPE.
• Multiple meme coins are hitting all-time highs amid a flurry of investors trying to capitalize on the hype.
PEPE Hits an All-Time High
PEPE, the most popular new meme coin, has just hit a new all-time high. The token is now the 75th largest cryptocurrency, with a market capitalization of almost $700 million – an increase of around 650% in the past seven days.
Whales Buy Millions
A whale sold almost all of its holdings to buy PEPE. Blockchain analytics company Lookonchain identified a wallet that exchanged almost all of its holdings for 1.72 trillion PEPE – now worth $2.8 million – in exchange for 20.62 WBTC ($590K), 17B CULT ($90K), 44,194 UNI ($235K), and 19.96 ETH ($37K).
Other Meme Coins Rallying
Multiple other meme coins are hitting all-time highs amid a flurry of investors trying to capitalize on the hype. WOJAK is up 80% on the day and 1,448% in the past two weeks; however WSB crashed by 78% after its founder allegedly pulled the rug on the community.
Meme coins are extremely dangerous investments as they usually have only a few large holders who can dump on smaller investors at any time without warning.
The meme coin season looks to be just getting started, with multiple tokens hitting all-time highs amidst investor demand for quick gains from risky investments. Despite this potential upside, it’s important to remember that these tokens remain highly speculative and should be treated with caution before investing any money into them.