"Initially many people were interested, fearing that in the long run this crypto will no longer be hyped."
Not wanting to be left behind, some traders are selling their collection of Bored Ape Yacht Club (BAYC) non-fungible tokens (NFT) at a discount to invest in memecoin PEPE which has surged 600% in the past two weeks.
According to a well-known Twitter user called Cirrus, there were traders who sold as many as 14 NFT BAYC last weekend to generate a profit of around $1.2 million to buy the recently popular PEPE.
Although some parties believe that investing in memecoin can make quite a profit, some believe that such digital assets have a high risk of loss, Cirrus commented again.
Looking to join the PEPE ecosystem, crypto whales also exchanged $590,000 worth of WBTC, $90,000 worth of CULT, $235,000 worth of Uniswap (UNI) and $37,000 worth of Ethereum (ETH) to get 1.72 trillion PEPE.
It is well known that PEPE's market capitalization in the middle of May 5, 2023 has increased to reach $1.7 billion and the United States (US) rapper DeAndre Cortez Way or better known as Soulja Boy has become rich after investing in the memecoin.
Even just a few days after Binance listed PEPE in the Innovation Zone, the memecoin has seen another decline in the past 24 hours, where its price is currently at $0.00000181.
In addition, Cirrus said that he is still not sure whether PEPE will mimic the performance of memecoins such as Dogecoin (DOGE) or Shiba Inu (SHIB) that have attracted the attention of investors for a long time.
