A savvy trader made $46 million in profit, which is an eye-watering 15,718-fold return on his initial $3,000 investment.
Moreover, memecoins that reached billion-dollar valuations showcase the absurdity of the fiscal system, added Yang: Pepe’s current rally may be associated with the resurgence of the GameStop stock craze. GameStop’s stock price started rising on May 13, after Keith Gill — the man widely credited with kicking off the 2021 GameStop short squeeze — unexpectedly returned to social media after a nearly three-year hiatus.of above $0.000010 on May 13, a day after Gill returned to social media. GameStop shares rallied over 111% in the 24 hours after Gill’s return.
“The GME saga may be one of the factors contributing to PEPE's momentum. I attribute the recent board drop in crypto primarily to profit-taking and numerous large-scale projects getting listed on exchanges and thus absorbing much of the market's liquidity.”
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