Pepe Coin Crash Leaves Crypto Whale in Large Loss
BITmarkets Team
May 08, 2023
The recent memecoin frenzy have brought about exuberant growth for new memecoin Pepe (PEPE), only to plunge more than 40% just days after setting all-time highs on May 6, which left one crypto “whale” with a staggering $600,000 loss.
Blockchain analytics protocol Lookonchain reveals that a crypto whale has purchased 962.3 billion Pepe tokens on May 5 via 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) at an average price-tag of $0.000003122 per PEPE coin.
Little did he/she/it know, the memecoin which has taken the crypto world by storm has stormed away, plummeting over 40% since then, with this investor’s PEPE holdings currently worth $2.4 million which marks an unrealized loss which exceeds $600,000.
After being launched on April 14, the coin catapulted before entering a consolidation stage in the first week of May in what seems to be a preparation for some downtrend behavior. Currently priced at $0.00000210 at the time of writing, PEPE continues to enjoy a market capitalization above $1 billion, which is quite impressive given the freshness of the digital asset.
Sources:
https://cointelegraph.com/news/pepe-s-sudden-drop-leaves-whale-500k-in-the-red
https://crypto.news/crypto-whale-is-down-541000-as-pepe-bulls-falter/
https://zycrypto.com/pepe-whale-takes-540000-paper-loss-in-two-days-as-token-plunges-over-30/
