The pepecoin (PEPE) meme coin, after its appearance a few weeks ago, is already worth more than $1 billion and brings enormous fortunes to its buyers. This is reported by CoinDesk.

According to the Arkham blockchain platform, a trader with the pseudonym dimethyltryptamine.eth bought 5.907 trillion pepecoins on the UniSwap exchange three weeks ago at a price of $263. He has already sold part of the tokens and received a profit of $3.8 million. Instead, the tokens remaining with the trader are worth about $9 million. That is, the profit is almost 5,000,000%.

The trader benefits from the rapid rise in the price of a coin based on the “Pepe the Frog” meme, a popular symbol in cryptocurrency circles. According to CoinGecko, at some points, the coin was worth more than Arbitrum’s ARB. It is called one of the hottest new tokens of 2023.

At the same time, analysts are concerned about the concentration of ownership – since the release of the meme coin, only a few traders have purchased significant amounts of it. For example, five accounts were found linked to the pepecexwallet.eth wallet, which received funds directly from the token deployment contract and purchased more than 8.87 trillion PEPE after release for just $385.

We remind you that Pepe the Frog is a fictional character from the comic book “Boy’s Club”. It was created by American artist Matt Furie.