From $27 to $4M: Pepe Wallet Unable To Sell Unstoppable Rally

Tony "The Bull" Severino

1 year ago

3 mins read

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Pepe is the hot new meme coin that everyone can’t stop talking about. The enormous climb in value in a short time is responsible for all the chatter.

One particular whale turned $27 into more than $4M. Yet, according to the cryptocurrency community, the owner do the related wallet might never be able to cash in on those gains.

“Blacklisted” Pepe Wallet Left A Sad Frog

The meme coin based on Pepe the Frog has everyone who bought in earlier today, feeling good. Aside from a little chop here and there, the rising star in crypto simply wont stop climbing higher.

Early adopters turned $250 into $1 million, and in this latest example, a Pepe wallet that holds 2.5 trillion tokens turned $27 into over $4 million. This rounds out to roughly 0.59% of the max supply.

The only problem, is that according to crypto Twitter, the owner of the coins cannot cash out, and has been “blacklisted.” User “Borovik.ETH” claims it was a dev’s wallet, and therefore is unable to sell their holdings.

Ethereum versus the frog king of the memes | PEPEUSDC on TradingView.com

Why The King of Meme Coins Could Keep Climbing

Shocking stories of fortunes being made by simply buying and holding Pepe are growing by the day. And while the early returns are certainly substantial, because of the dynamics of price discovery, it could be nowhere near done.

New cryptocurrencies perform the best as capital and liquidity rushes in. With no bagholders to speak of, there is no real resistance levels leading to large price increases and extended moves.

For example, in Bitcoin or Ethereum, much of the best performance came early on after the asset began trading on exchanges. The same can be said for more recent altcoins like Chainlink or Solana.

In the comparison above, Pepe can be seen side-by-side with Ethereum. The chart, made for entertainment purposes, is pure speculation and designed to demonstrate the lack of price history and clear skies Pepe has above current levels.

This is crypto, and anything is possible. Especially for the king of crypto memes.

Don’t see why not pic.twitter.com/tlpr7Ft3Aa

— Tony "The Bull" Severino, CMT (@tonythebullBTC) May 4, 2023

Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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