PEPE coin’s recent surge in value has made several investors millionaires, with many buying the token for just a few dollars.
One trader, dimethyltryptamine.eth, purchased 5.9 trillion PEPE tokens for $260 and has already made over $4 million in profit from selling part of the holdings, while still retaining a balance worth over $7 million.
Other traders, holding over $1 million worth of PEPE, are also benefiting from the coin’s rise in value. However, the CEO of Binance, Changpeng Zhao, has warned investors of the high-risk associated with meme coin investments and advised crypto traders to conduct thorough research before investing in them.
Binance also noted that PEPE has no value support mechanism and raised concerns that certain team members or insiders were able to buy 7% of the total token supply just minutes after the initial token generation event.
Despite the warnings, PEPE and other meme coins continue to attract investors looking to make quick gains in the crypto market.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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