Pepe’s sudden drop leaves whale 500k in the red
The price of new memecoin Pepe (PEPE) has plunged more than 42% only days after reaching its all-time high on May 6, leaving at least one investor with hundreds of thousands in paper losses.
According to blockchain analytics service Lookonchain, one crypto “whale” purchased 962.3 billion Pepe tokens using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) for an average price of $0.000003122 on May 5.
PEPE has, however, fallen 42% from its all-time high since then, according to CoinGecko. The crypto investor’s PEPE holdings are now estimated to be worth only $2.4 million, marking an unrealized loss of more than $600,000.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122.He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
Despite the recent price decline, Pepe still holds a market capitalization of just over $1 billion, making it the 45th largest cryptocurrency by overall valuation.
Since its inception on April 14, Pepe has attracted widespread attention, witnessing over $636 million in trading volume within the last 24 hours, and single-handed burning more than 5,000 ETH in related gas fees via Uniswap trading as of May 5.
I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalyticsPEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks 1/ pic.twitter.com/9lZxGGjtT5
While the memecoin has witnessed extreme volatility in its price, the number of individual holders has increased steadily over the past three weeks. According to data from Dune Analytics, there are 144,534 individual holders of token at the time of publication.
Related: Memecoin mania: Social
Read more on cointelegraph.com
