The Pepe ($PEPE ) token reached a market cap of $6 billion on Thursday, becoming the biggest meme coin launch of 2023. 🐸💰

The recent rise in PEPE's value is attributed to its use as a leveraged bet on the growth of the Ethereum ecosystem and the anticipation of a spot ether exchange-traded fund (ETF) approval in the US. 🚀🌕

This frog-themed token was launched in April 2023 and quickly reached a market cap of $1 billion within a few weeks of going live. It reached a market cap of $6 billion on Thursday, making PEPE the biggest meme coin launch in 2023 in a year that saw the launches of bonk ($BONK ), dogwifhat ($WIF ) and others. 🐸🎉

It seems that a trader makes a huge profit from a small initial purchase. On-chain analysis by Lookonchain shows that a crypto address that purchased around $460 worth of tokens shortly after launch generated over $3.4 million in profits this week. 🤑💸

Some traders expect PEPE to surpass the dog-themed shiba inu (SHIB) token, which had a market cap of $14 billion as of Thursday. 🐸 vs 🐶

PEPE's early acquisitions created several millionaires last year. A week after the token's launch, several linked wallets turned $1,200 in initial capital into $9 million, while another buyer netted a $260 purchase with a profit of over $3 million. 💰🚀

#BinanceHerYerde #MemeWatch2024 #Polygon

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