The rise of PEPE has sparked renewed interest in memecoins among investors, even as bitcoin's rally has stalled. Investment giant BlackRock recently withdrew 1.27 trillion PEPE (worth approximately $1.98 million) from Binance to four addresses, which are believed to have been created by the American investment company.

While some in the community were skeptical of BlackRock's participation in the memecoin frenzy, the asset manager has steadily increased its portfolio allocation of crypto and has even explored permissioned blockchains and tokenization of stocks and bonds. Despite losing $24 million in a collapsed crypto exchange, BlackRock's involvement in PEPE appears to be a profitable move, with the company profiting 10x from its initial investment.