According to crypto analysis firm LookOnChain, a trader spent $2184 to buy 1.5 trillion Pepe (PEPE) in its early stage. The trader has sold 1.02 trillion coins for $6.66 million. The wallet still has 493 billion coins worth $3.64 million. In total, the trader made a profit of more than $10 million. When the frog-themed crypto was at its peak, the trader’s holdings were worth around $43 million.

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PEPE Surges Amid Bearish Market

The crypto market has faced substantial resistance over the last two months. Bitcoin (BTC) hit an all-time high of $108,786 in January. The asset’s price has fallen by 22.7% since its January peak. PEPE and other cryptocurrencies have suffered the same fate as BTC. Most assets have experienced considerable price corrections over the last two months.

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PEPE seems to be recovering from its recent descent. The frog-themed crypto is up 9.4% in the daily charts and 9.1% in the 14-day charts. Despite the rally, the memecoin is down 4% in the weekly charts, 1.2% over the previous month, and 5.8% since April 2024.

Will The Memecoin Recover?

PEPE hit an all-time high of $0.00002803 in December 2024. The memecoin’s price has faced a substantial correction since its December high. The frog-themed crypto is down 72.6% since its peak. The decline represents a 72.6% dip in just four months.

According to CoinCodex, PEPE could rally over the coming weeks. The platform anticipates the memecoin to hit a new all-time high of $0.00003582 on May 6. The memecoin’s price will rally by 368.85%.

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There is also a possibility that PEPE will not rally as forecasted. Macroeconomic factors may present considerable challenges to the crypto market. Under poor market conditions, the memecoin may face another correction.