The first Pepe token holder achieved an astonishing return, turning a $26 investment into $60.3 million. However, he’s unable to cash in on these profits.

Since its launch in April 2023, Pepe quickly gained attention from the crypto community due to its meme-inspired story featuring the frog character Pepe. The interest driven by its meme appeal spurred impressive price growth.

While many early investors have already taken their profits, a major PEPE “whale” has seen a 232,068,400% return and continues to hold the asset. This investor turned $26 into $60.3 million but hasn’t sold to realize the profits.

The Catch

On-chain data reveals that this whale wallet spent 0.013 ETH ($26) to acquire 2.52 trillion PEPE tokens on April 14, 2023, just hours after the Ethereum-based meme coin launched. Since then, the investment’s return on investment (ROI) has skyrocketed.

However, this whale may never be able to cash out because the developers have blacklisted his address. Pepe’s smart contract has a built-in function allowing the lead developer to block specific wallets using the onlyOwner modifier.

There is speculation about why this address was blacklisted, with the prevailing theory suggesting that the wallet owner might be the PEPE developer. By blacklisting this wallet, it’s believed the developer aimed to prevent a significant sell-off that could impact the price.

The wallet holds nearly 0.6% of PEPE’s total supply, meaning that selling this stake could have a substantial impact on the token’s value. However, the actual reason for the blacklist remains unconfirmed and is subject to speculation.

While this particular “whale” can’t cash out, other early Pepe buyers have become millionaires after selling. For example, one PEPE whale earned $1.97 million in July from an initial $200,000 investment, marking an 886% return.

Pepe Reaches New All-Time Highs

Meanwhile, Pepe hit another milestone today, with the meme coin reaching a new all-time high of $0.00002524.

This growth was primarily driven by the news that California-based crypto exchange Robinhood added support for Pepe, ranking it as the third-largest meme coin by market capitalization.

At the time of writing, PEPE is trading at $0.00002322, up 84% in the last 24 hours. The frog-themed token currently holds the 14th spot in the crypto market cap rankings, valued at $9.77 billion.


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