Recently, as the U.S. Federal Reserve continues to maintain high interest rates, and various data suggest that the U.S. may not cut interest rates in the near future, the cryptocurrency market sentiment has been sluggish. Many token types, including Bitcoin and Ethereum, have experienced significant declines. of decline. Although meme coins are also affected, every time they rebound, some tokens rise by an astonishing amount.
Users made nearly $14 million by buying PEPE
According to the on-chain observation account Spot On Chain, a user spent a total of US$1.56 million to purchase 1.4 trillion PEPE tokens between December 1 last year and February 12 this year, and when PEPE hit a new high yesterday evening 140.4 billion DAI were sold in exchange for 1.567 million DAI.
Currently, the wallet still retains 1.264 trillion PEPEs, with a total value of approximately US$13.94 million. It is worth mentioning that the user's exchange for 1.567 million DAI is exactly equal to the cost of purchasing PEPE, so the 1.264 trillion PEPE retained are pure profits.
According to calculations, the user's profit from purchasing PEPE is as high as 894%.
PEPE rose 11.4% in the past 24 hours
Although the overall cryptocurrency market generally shows a consolidation trend, PEPE is gaining momentum in the market. According to Coingecko data, the price of PEPE is now quoted at $0.00001136, with an increase of 11.4% in the past 24 hours.
Meme coins take over from Altcoin on the rise?
A special background of this bull market is that the U.S. Federal Reserve maintains high interest rates (5.5%). Compared with the low interest rate (0%~2.5%) environment of previous bull markets, the economic conditions of this bull market are more restrictive. Strict regulations, coupled with the fact that "Altcoin" favored by institutions generally have too high market capitalization and a high proportion of large holdings, leave individual investors with limited room for imagination on the rise of Altcoin.
Therefore, in order to seek high multiples and high gains, many investors may shift their attention to meme coins, leading to the emergence of a "meme season."
Further reading: Research》4 major reasons why crypto investors fall into the “bull market of non-compliance”
