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/

https://coinmarketcap.com/currencies/pepe/

https://twitter.com/lookonchain/status/1655083589967683584