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 smartmoney or insiders, and the literal income is very high. For example, SmartMoney, which starts with 0x4a, spent 0.125 ETH(about $251) to purchase 5.9 trillion PEPE on April 15. As of press time, the literal market value reached about $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 used the Token God model of Nansen and DuneAnalytics to analyze the specific data, 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 MB
Uni_V3 pool: 4.1 MB Current team wallet: 27.83 MB
2. Social popularity
Hot on dexscrener Hot on dextool Growing social dominance
The general sentiment towards meme coins has grown in recent days.
3. Token information
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 SmartMoney, 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 DawgmodeDune Dashboard
Token Analysiszooor Dune Dashboard
When you look at the first wallets that bought PEPE, it's a little weird. Many wallets buy simultaneously at extremely low prices within 20 seconds.
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(~$150) from ByBit and bought trillions of PEPE, now worth millions of dollars.
Only a few SM (SmartMoney) sold all PEPE. Even if their portfolio 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.
Only 17 SM addresses are listed here, but there are many more in the portfolio I reviewed. 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
Green Label wallets are:
0x25cd302e37a69d70a6ef645daea5a7de38c66e2a
0x3191203c8a89d71a8f5a35140e2c7f2477396c92
0x4a2c786651229175407d3a2d405d1998bcf40614
Red Label wallets have:
0x41aa8c1f1725b21f952f1bce92bd231ba8cf9bc0
0x2bfdaa9dd264d007211216fc4a6c2e8bee572c8c
So, if you think PEPE is worth buying, keep in mind to monitor these wallets with a tool like Arkham.
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.
