PEPE whale turns $27 into more than $4M, but can never cash out

A PEPE whale has turned $27 into over $4 million. However, the crypto community says he would never be able to cash in on the gains as he was blacklisted. The big score came after the Pepe meme coin rallied over 80% to auction at $0.0000194 at the time of writing.

Also Read: Pepe price eyes 20% gains as PEPE token goes live on BitMEX exchange, Coinbase listing next?

PEPE surging more than 80% fills investors’ wallets

Pepe coin made a killing on May 5, rising around 80%. The explosion made early investors in the PEPE ecosystem rich. For instance, while one saw his holdings multiply from a meager $27 to $4 million, another turned $250 into $1 million. As regards the former, his new holdings now represent around 0.59% of the maximum supply.

According to crypto Twitter, the owner of the Pepe coins who turned $27 to $4 million can never cash out as he has been blacklisted. According to ‘User Borovik.ETH, the address belonged to one of the developers, which means they cannot sell their holdings. Notably, it is a general principle among crypto ecosystems to play it safe when it concerns their own tokens. For instance, when Binance exchange’s CEO Changpeng Zhao penned an open address to the Commodities Future Trading Commission (CFTC), he said:

The exchange has a "90-day no-day trading rule" for employees, preventing them from selling a coin within 90 days of their latest buy or vice versa. In so doing, the exchange ensures employees do not trade actively, alongside other measures, including a "no-futures trading" policy and stark regulations against buying or selling into listings and launchpads.

Read The Story Here: Four issues Binance CEO notes in his open address to the CFTC complaint

Pepe coin showing potential for further growth

Pepe coin shows signs of a continued uptrend, which explains the unending stories of investors making fortunes by simply buying PEPE and holding. The early substantial returns come amid the dynamics of Pepe’s price discovery as new tokens tend to perform well because capital and liquidity keeps rushing in. Considering there are no bag holders, no actual resistance levels exist that could otherwise lead to large price surges or extended moves.

Simply put, PEPE currently enjoys a lack of price history and clear skies with the only objective being to rise above current levels. In such a space like crypto, where anything is possible, an asset such as Pepe coin, touted as the king of crypto memes can record wonders.

Pepe price gears for further upside with no hurdles ahead

At the time of writing, Pepe (PEPE) price is auctioning at $0.00000213, up 90% in the last 24 hours. In the last hour, the meme coin is up 10% and 673% in the last week.

PEPE/USDT 1-Day Chart