A group of traders recently sold NFTs from the Bored Ape Yacht Collection (BAYC) at a discount in order to invest in the trending memecoin PEPE. PEPE has experienced a surge of over 600% in the last two weeks, though its price has cooled off in the past 24 hours.
Shifting From NFTs to PEPE
Twitter user Cirrus revealed that 14 BAYC NFTs were sold below their floor price during the weekend, and the 672 ETH (worth over $1.2 million at the time) acquired from these deals was used to purchase PEPE. The decision to deal with the memecoin brought about mixed opinions within the crypto community, with some believing the hype around the token has reached an unsustainable level, while others see it as a profitable investment opportunity amidst its current popularity. Cirrus has previously claimed that people may part with their digital art below floor prices to enter PEPE’s ecosystem.
PEPE’s market capitalization has grown from under a million dollars in mid-April to over $1.7 billion on May 5. The asset became a sensation in the world of crypto and even celebrities, like American rapper DeAndre Cortez Way (Soulja Boy), have shown their interest. However, PEPE’s price has been on a downtrend for the past 24 hours following its listing in the Innovation Zone of Binance, the world’s largest cryptocurrency exchange.
Has PEPE Started Losing Steam?
It remains to be seen if PEPE will mimic the performance of other well-known memecoins like Dogecoin and Shiba Inu, though investors should keep in mind that the PEPE hype could be temporary.