A new token became the headlines among memecoin enthusiasts after generating an incredible profit in a few days. Famous internet meme Pepe the Frog based PEPE token has turned $250 from early investors into nearly $1.1 million in less than a week.
The PEPE coin has increased by 35% in the last 24 hours, according to CoinMarketCap statistics. In such a short space of time, the PEPE token has risen to $0.0000003625, representing a staggering gain approaching 1,000,000% since its release on Sunday.
Data from Etherscan influenced crypto investors to buy PEPE tokens after witnessing major events where a crypto investor swapped 0.125 Ethereum worth just $250 for 5.9 trillion PEPE tokens on Sunday. Interestingly, this $251 value turned into $1.14 million at $0.0000001933 value after a rapid rally, according to LookOnChain.
At the current price point of $0.0000003625, the investment of $251 turned over $2.1 million profit on Thursday. Despite the amazing gain, investors are struggling to withdraw their profit due to liquidity shortage.
Grzegorz Drozdz, market analyst at Conotoxia Ltd., inform investors of a big dilemma when he said, “With 5.9 trillion PEPE tokens in their portfolio, it would take 46,200 years to liquidate these assets, assuming non-declining demand.”
Furthermore he emphasized that a rapid attempt to book the entire profit anyhow could lead to a sudden drop in the PEPE token price ‘even below the purchase level’.
Also read: PEPE: The Hottest Meme Coin In Crypto Town
PEPE Token is Looking Bullish on the Price Chart
At the current market capitalization of $144.1M, the price action of PEPE Token is showing an ascending parallel channel (above chart). If PEPE token surpasses its all-time high, the so far rising price could turn 2x to $0.00000075. If this happens, the investment amount of $251 could turn into $4 million.
