With the recent Bitcoin market standing above the $30,000 mark, counterfeit MEME coins have begun to make waves again, such as PEPE, AIDOGE, XEN, etc.
Of course, it also attracted a lot of speculation from smart money or insiders, and the literal income is very high. For example, Smart Money, which starts with 0x4a, spent 0.125 ETH(approximately US$251) to purchase 5.9 trillion PEPE on April 15. As of press time, the literal market value reached approximately US$1.7 million. That is to say, the literal income in 4 days exceeds 6000 times. Also because of its high popularity, PEPE ranks among the top five tokens on Uniswap.
In short, no matter how you look at it, PEPE is very similar to those previous Ponzi counterfeit MEME coins. Of course, it is worth noting that when the MEME currency explodes, it is the moment when the market is in jeopardy. On-chain analyst Eljulien analyzed the specific data using the Token God model of Nansen and Dune Analytics, including the following five aspects: PEPE utility and token economics, social popularity, token data, Smart Money behavior patterns, conclusions and warnings.
1. PEPE Utility and Token Economics
Token Economics:
- Total supply = 42.69 trillion
- 93.1% supply Liquidity pool = 391.66 trillion (LP tokens destroyed)
- 6.9% to the team = 29.03 trillion
- Utility: zero
- Uni_V2 pool: 7.71 trillion
- Uni_V3 pool: 4.1 trillion
- Current team wallet: 27.83 trillion
2. Social popularity
*hot on dexscrener*hot on dextool* Social Dominance Growing General sentiment towards meme coins has grown in recent days.
3. Token data
The number of holders continues to increase and currently exceeds 20,000. That's quite a lot for a project that's been live for 4 days.
At first glance, it seems that there are no whale wallets yet (addresses ETH starting with 0x92 are team wallets), but this is not the case.
4. Smart Money Behavior Model
Due to the different amount of Smart Money, the display results will be different from the usual situation. use:
- Nansen Token God Mode (smart-money data is not yet available, I need to do it manually)
- Token Dawg mode Dune Dashboard
- Token Analysiszooor Dune Dashboard
When you look at the first wallets that bought PEPE, it's a bit odd. Many wallets simultaneously bought at a very low price within 20 seconds, exceeding 70T.
Many of the first buyers were actually the same people who just divided their purchases into portfolios. Many of them received small amounts of ETH(about $150) from ByBit and bought trillions of PEPE, now worth millions of dollars. Only a few SM (Smart Money) sold all PEPE. Even if their portfolios made 10,000 times, most people did not sell.
- Yellow tags are SMs who bet on junk coins and have fast TP.
- Green labels are SMs that bought early.
- Red Labels are Untraceable Portfolios who use Bybit to hide their activities.
There are only 17 SM addresses listed here, but the portfolios I looked at are many more. Those largest holders who bought in the previous 24 hours still hold PEPE. PEPE whale wallet may not take profit yet (take-profit), because:
- not much Liquidity
- -They think FOMO is just beginning
绿色标签钱包有：0x25cd302e37a69d70a6ef645daea5a7de38c66e2a0x3191203c8a89d71a8f5a35140e2c7f2477396c920x4a2c786651229175407d3a2d405d1998bcf40614红色标签钱包有：0x41aa8c1f1725b21f952f1bce92bd231ba8cf9bc00x2bfdaa9dd264d007211216fc4a6c2e8bee572c8c所以，如果你认为PEPE值得购买的话，请务必牢记，要使用如Arkham这样的工具来监控这些钱包。
5. Conclusions and warnings
PEPE is a complete Ponzi scheme. I'm not saying it's going to face a selloff now because whale wallets are still holding it, but it seems like a dangerous game right now. If the global market rises, PEPE will surely rise faster. Otherwise, many people will be eliminated very quickly. PEPE has reignited the MEME coin frenzy, and numerous altcoins will follow.
