PEPE Token, a new meme cryptocurrency, has generated a significant profit for many of its early investors. The token’s recent listing on Binance has further increased profit margins for traders.
According to blockchain analysis firm Arkham Intelligence, more than 50 addresses are holding over $1 million worth of PEPE.
One of the biggest gainers is the trader dimethyltryptamine.eth, who spent $260 to acquire 5.9 trillion PEPE tokens. The trader has sold 56% of his holdings and made over $4 million in profit, but still holds 2.56 trillion PEPE, valued at over $7 million.
On-chain sleuth Apes Prologue tweeted several addresses that have profited from the meme coin’s surge.
One wallet, 0xc2450b49, made over $1.4 million after buying 321 ETH worth of PEPE an hour before Binance listed it. Another address, 0x45cf1, received 2.34 trillion PEPE, worth $729,000, 13 days ago.
While investing in meme coins may seem alluring, Binance CEO Changpeng Zhao has highlighted the risks involved. Zhao emphasized that meme coin investments are high-risk and traders need to conduct proper research.
Binance also cautioned traders about PEPE, stating that the token has no value support mechanism, and there are indications that certain insiders or team members purchased 7% of the total token supply minutes after the token generation event.
