- On February 28, the price of the PEPE memcoin updated ATH.
- Prior to that, Wintermute had made a significant investment in the asset.
Since February 26, 2024, the PEPE memcoin price has risen significantly by 153%. On the morning of February 28, the asset’s price updated ATH, according to TradingView.
At the time of writing, the memcoin is trading at $0.000003. Meanwhile, last week, from February 19 to February 25, 2024, the price of the token did not exceed $0.0000013:
At the same time, the trading volume on the PEPE market increased by 90% in the last 24 hours, capitalization – from $1.1 billion to $1.24 billion, according to CoinMarketCap:
Note that Wintermute purchased more than $3.5 million worth of PEPE tokens last week, which was picked up by the crypto community:
wintertermute
bought $3.5m
of pepe
during this downtrend
and 15m ago
they sent another
800k
to their wallet.
i
don’t know what this means
but
i am long
- intuitio (@intuitio_) February 22, 2024
Wintermute CEO Eugene Gaevoy commented on the situation, noting that the chart of the memcoin price movement resembles a dragon. It wasn’t long before the value of the asset began to rise.
At the time of writing, the firm’s PEPE portfolio is valued at $8.85 million, according to Arkham Intelligence platform. Its value increased by $2.53 million amid a jump in the exchange rate of memcoin. This is the only token in Wintermute’s portfolio with such an increase.
Note that the asset entered the market in the spring of 2023 on the wave of high demand for memcoins. We spoke about it in detail earlier:
At the launch stage, PEPE was marked by extremely high volatility. For example, one trader earned more than $1 million by investing $250 in the asset. Another lost $540,000 when the price went down.
