The altcoin market has been witnessing a 210x rally of Pepe Coin in recent weeks. Expecting a major correction from the top, meme coin has once again surprised investors.
Pepe Coin continues to lead the altcoin market
There has been another surprising development in the altcoin market. Pepe Coin has been recording unexpected double-digit rallies since its launch on April 17. The meme coin recently set the ATH level at $0.0000006343. The rise in prices has been a hot topic among altcoin investors and traders.
It looks like Pepe Coin will stay on the agenda for a while. According to CMC data, its price is currently rallying over 70%. This impressive increase caused the trading volume to surge to $58,480,898. This means an increase of 81.12% compared to its circulating supply. Interest in PEPE is driving the price higher, attracting new investors.
cryptocoin.com We mentioned that Pepe Coin made several of its investors millionaires within days. Still, there are some manipulation allegations about the project. It is also among the allegations that the price rally took place via a smart contract function where the team blocked the token sale.
Whales take action
Lookonchain recently reported that 100 billion PEPE were exchanged for 21 Ethereum (ETH), which is currently worth $40,068.88 at the current market price. This news highlights the enormous potential of PEPE in the altcoin market.
However, there are those who benefit from the increased PEPE prices. According to a recent tweet by Lookonchain, one sells PEPE every time the price goes up. In fact, this trader has sold 800 billion PEPE coins, which is 14% of all coins. In his trades, he earned 117 ETH, equivalent to 221,500, with an average asking price of $0.0000002744.
This guy sells $PEPE every time the price of $PEPE increases.
He sold 100B $PEPE for 21 $ETH($40K) at $0.0000004007 just now.
So far, he has sold 800B $PEPE (14% of all $PEPE) and got 117 $ETH ($221.5K), with an average selling price of $0.0000002744.https://t.co/tn1YWvldAi pic.twitter.com/FyBRzH2RSj
— Lookonchain (@lookonchain) April 29, 2023
Is Pepe Coin’s rally real?
According to their website, PEPE Coin aims to surpass Bitcoin. For a relatively new project, no other crypto project has come close to Bitcoin since 2008. Even Ethereum, the second largest crypto project, couldn’t come close. Converting Bitcoin. That’s a big, unrealistic promise.
Also, the people behind the project could not be found anywhere. Even when looking at domain credentials for websites, they went the extra mile to rearrange the information.
Additionally, according to Twitter user Louround, there are several unknown wallets that hold more than 5% of the total PEPE in circulation. If they decide to liquidate their wallets, the PEPE price will decline at the same pace.
A few wallets holding $PEPE went from 500$ to more than $3.78M (7500x) in 5 days.
What if I told you that those wallets are in relation and might nuke the market if they sell their holdings?
An on-chain investigation using @bubblemaps 🧵 pic.twitter.com/MS0yIeoyC9
— Louround 🥂 (@Louround_) April 20, 2023
What is Pepe Coin?
Pepe Coin is a relatively new cryptocurrency that has entered the market as a competitor to existing meme coins like Dogecoin. Unlike many other new coins, Pepe Coin has been quietly launched with no pre-sales or any related taxes or fees. In addition, its developers did not burn any liquidity pools and did not give up on their contracts.
