Pepe (PEPE) token reached a market cap of $6 billion on Thursday. It has proven to be one of the biggest meme coin projects. The recent increase in PEPE’s value is partly attributed to its use as a leveraged bet on the growth of the Ethereum ecosystem. Because traders are waiting for a spot Ethereum exchange-traded fund (ETF) to be approved in the USA.
Meme coin PEPE experienced a jump
Pepe (PEPE) token, a frog-themed cryptocurrency, made a huge impact in the cryptocurrency world, reaching $6 billion in market value on Thursday. This remarkable milestone makes PEPE the biggest meme coin launch of 2023, surpassing other notable meme coins such as Bonk (BONK) and Dogwifhat (WIF). The rapid rise of the token has attracted the attention of traders and investors, making it a major player in the cryptocurrency market.
cryptokoin.com As we reported, PEPE token was launched in April 2023 and reached a market cap of $1 billion within a few weeks. This initial rise has positioned PEPE as a strong contender in the meme coin space. According to CoinMarketCap data, PEPE entered the top twenty tokens by market cap this Thursday and has added nearly 40% to its value in the last week.
What is the relevance of the Ethereum ETF?
One of the main factors contributing to PEPE’s recent rise is its role as a leveraged bet on the growth of the Ethereum ecosystem. Traders are eagerly awaiting the approval of a spot Ethereum exchange-traded fund (ETF) in the United States. This creates speculative interest in PEPE. The token’s correlation with Ethereum’s potential growth makes it an attractive investment for those looking to capitalize on the broader market’s momentum.
“Success story” for traders
PEPE’s rapid rise has attracted widespread attention as well as significant financial gains for some traders. On-chain analysis by Lookonchain revealed that a crypto address that purchased approximately $460 worth of PEPE tokens shortly after the launch of PEPE tokens made more than $3.4 million in profits this week, 1 year later. The buyer purchased 324.9 billion PEPE tokens by spending 0.22 ETH on April 15, 2023. He deposited these tokens on the Binance exchange yesterday, Wednesday. It is estimated that tokens are sold here.
There are more success stories. Traders who first bought PEPE have created several millionaires over the past year. Several linked wallets reportedly turned an initial investment of approximately $1,200 into more than $9 million in a week following the token’s launch. Another buyer’s investment of $260 resulted in a profit of more than $3 million. This highlighted the huge return potential in the meme coin market.
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