A cryptocurrency trader has managed to turn a $900 investment into $176,000 in a meme-inspired cryptocurrency dubbed Pepe 2.0 ($PEPE2), which appears to be a spin-off of the popular meme-inspired cryptocurrency $PEPE.
$PEPE itself is a coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
The story has now seemingly repeated itself with $PEPE2, after an investor on the Ethereum ($ETH) network managed to turn $900 into $176,000 in under 24 hours through a series of over 40 trades, each involving 2 $ETH worth of the newly launched meme-inspired cryptocurrency.
The investor initially bought 8.3 trillion $PEPE2 tokens on June 28, and sold the tokens later after their value had exponentially surged. However, a note of caution resounds as data visualization platform Bubblemaps recently unveiled that an early adopter, who holds significant amounts of Pepe 2.0, is beginning to offload their assets.
This has the potential to trigger a cascade effect, as the whale wields considerable influence over the asset’s price and its wallet is “directly connected to the deployer.”
This isn’t the first time a trader manages to secure astounding return trading memecoins. As reported, a “meme lord” trader has managed to turn $30,000 worth of digital assets into about $450,000 in three years by managing to be early in a number of memecoins, including the most popular ones like Shiba Inu ($SHIB) and Pepe Coin ($PEPE).
Trading memecoins, while potentially lucrative, also harbors significant risks that should not be underestimated. These tokens can be highly volatile, with values that can surge or crash dramatically in short periods of time. They frequently lack the underlying technology or utility that supports more established cryptocurrencies
Featured image via Unsplash.
