The cryptocurrency market has been buzzing with excitement as the popular meme coin PEPE reached a new all-time high price recently.
This milestone was fueled by anticipation surrounding a potential Ethereum spot ETF approval, which ignited a broader rally across several top cryptocurrencies.
TLDR
- PEPE, a popular meme coin, hit a new all-time high price recently
- One investor turned an $83 investment in PEPE into $79.4 million by holding for over a year
- The rally was fueled by anticipation of a potential Ethereum spot ETF approval
- PEPE’s high MVRV ratio and network realized profits suggest potential for profit-taking and a correction
- Several other Ethereum-based altcoins like UNI, BONK, and LDO also saw significant price gains
PEPE, a meme-inspired cryptocurrency known for its playful branding, surged by over 22% in the past 24 hours, peaking at an impressive $0.00001293 per coin.
This surge marked a new record for the altcoin and highlighted the growing enthusiasm in the crypto community.
One investor, in particular, achieved a remarkable feat by turning a modest $83 investment in PEPE into a staggering $79.4 million.
This individual utilized three separate wallets to accumulate 6.44 trillion PEPE tokens by spending just 0.041 ETH, which was worth approximately $83 at the time of purchase in late April 2023.
Remarkably, the investor has held onto these tokens throughout the past year, never selling a single one, showcasing extraordinary patience and conviction.
The PEPE rally was not an isolated event, as the broader cryptocurrency market experienced a significant upswing. Bitcoin, the world’s largest cryptocurrency, soared to $71.4K for the first time in six weeks, further fueling the market’s exuberance.
Other Ethereum-based altcoins, such as UNI, BONK, and LDO, also experienced substantial gains, with each posting impressive price increases exceeding 20% over the same 24-hour period.
While the market enthusiasm is palpable, some analysts have raised concerns about potential profit-taking and a subsequent correction for PEPE.
The coin’s Market Value to Realized Value (MVRV) ratio, which monitors investor profits and losses, currently stands at 38%, indicating substantial profits. Historically, PEPE has undergone corrections at MVRV levels between 15% and 36%, marking it as a potential “danger zone.”
The Network Realized Profit/Loss indicator shows that overall gains have been inclining over the past month, suggesting that investors may be tempted to realize their profits by selling their PEPE holdings.
