A whale made a profit of $1.23 million by trading nearly all of its assets for PEPE, according to on-chain analyst Lookonchain.

According to Vipkhoone data, the Ethereum-based Pepe memecoin surged earlier today to a new all-time high of $0.000002322 after gaining more than 50% in the previous 24 hours.

According to Coingecko data, the memecoin’s market cap reached as high as $931 million during this time period before retracing to its current level of $864.54 million.

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Pepe market cap surpasses Terra Classic, others

Several significant cryptocurrencies, including Terra Classic (LUNC), Optimism (OP), Huobi Token (HT), BitTorrent (BTT), MakerDAO (MKR), USDD, and others, trail the memecoin, which is the 61st largest crypto asset by market cap.

There have been rumors that Pepe’s market cap could soon reach $1 billion due to its meteoric rise.

Despite the fact that its market cap is still lower than that of memecoins like Shiba Inu and Dogecoin, its trading volume over the past 24 hours has exceeded theirs. Coingecko data show that Pepe had $647 million in 24-hour trading volume at press time, while DOGE had $323 million and SHIB had $109 million.

Pepe still printing millionaires

According to CryptoSlate, early buyers of the asset have been reaping the benefits of the memecoin, which has produced a number of millionaires.

A whale made a profit of $1.23 million by trading nearly all of its assets for memecoin, according to on-chain analyst Lookonchain.

Meanwhile, the popularity of the Pepe frog meme, which the creators are also capitalizing on, as well as the enormous hype and strong community support, have been the primary drivers of its performance.

A few trades like ByBit, BitMEX, OKX, and MEXC. have listed PEPE and the perpetual contracts it contains.

In any case, significant trades like Binance presently can’t seem to show it. Binance CEO Changpeng “CZ” Zhao stated in a recent AMA session that the exchange may list the token if demand for it rises.