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Meme Coin Frenzy: PEPE Surges Over 840%, Creating New Millionaires in the Crypto World

In the rapidly evolving cryptocurrency market, meme coins like DOGE, SHIB, PEPE, and others have been capturing significant attention, particularly in a bullish phase.

Among these, PEPE, the third-largest meme coin by market cap, has notably stood out with an extraordinary performance.

In the last month alone, it has seen an astounding surge of over 840%, drawing considerable interest from investors and traders alike.

As of March 14, 2024, PEPE broke new ground by exiting a consolidation phase it had been in over the past five trading days and hitting a new all-time high at $0.0000108.

This breakout led to a further increase of over 14%, with the coin’s price stabilizing around $0.0000105. Experts analyzing PEPE’s market behavior consider it bullish post-breakout, suggesting potential for further gains.

They predict that if PEPE can maintain its position above the $0.0000105 level, it could climb to $0.000014 in the near future.

However, they also caution about the possibility of a correction or consolidation period, considering the coin’s recent substantial gains.

READ MORE: Bitcoin Halving Ignites Crypto Frenzy: ETF Approvals and Global Inflation Drive Sky-High Anticipation

The 24-hour trading volume for PEPE has seen a 50% increase, reaching approximately $2.4 billion, indicating a heightened interest in the coin.

Over the past week, PEPE has gained over 55%, and over the past month, investors have enjoyed returns exceeding 840%.

A noteworthy event in this saga is the significant profit earned by a savvy trader, known by the address 0x522, who secured over $3.39 million from trading PEPE.

As reported by the on-chain analysis firm SpotOnChain, this trader moved 500 billion PEPE tokens, valued at about $4.26 million, to Binance, the world’s largest cryptocurrency exchange, within the last ten days.

This move resulted in a profit of $3.39 million from a mere 870K investment.

SpotOnChain further revealed that this trader still possesses 100 billion PEPE tokens, now worth approximately $1.07 million.

Additionally, the trader has earned nearly $900K in profits from trading other meme coins like FLOKI and SHIB.

This activity underscores the significant wealth creation in the meme coin sector, further amplified by the approval of the spot Bitcoin ETF, which has led to widespread gains across the meme coin market.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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