The price of the new frog-themed memecoin has surged more than 4,000% since its inception on April 14.

The frog-themed memecoin Pepe (PEPE) surged over 85% in the last 24 hours to surpass a $1 billion market cap three weeks after its launch on April 14, 2023

In 2021, DOGE surged by over 23,000%, mainly due to the vocal support for the token espoused by billionaire Elon Musk on Twitter.

Similarly, SHIB surged by over 1,250% during the 2021 crypto bull market after using Dogecoin as a springboard for its popularity.

Due to the lack of any underlying fundamentals, investment in memecoins is high risk, and they are notorious for extreme volatility and major swings in value. A closer look at some of the on-chain activity from Pepe insiders points to some concerning trades.

According to data from the blockchain analytics service Lookonchain, five addresses allegedly linked to the Pepe team made a $1.23 million profit in a thin liquid market. They purchased 8.87 trillion PEPE at a low price and sold over 90% of their holdings on Uniswap for a gain.

It’s worth noting that some of the top PEPE holders are centralized exchanges. However, according to data tracked by analyst “008.eth,”non-exchange PEPE whales have reduced positions recently, hinting at profit-taking that coincided with a price correction on May 3.