Pepe Token Plummets Over 42% Days After Reaching All-Time High
A memecoin whale who invested approximately $3 million in the Pepe token a few days ago is now facing an unrealized loss of about $600,000. Pepe (PEPE), the new memecoin, has dropped more than 42% since reaching its all-time high on May 6, resulting in significant losses for at least one investor.
Pepe Token Purchase Details
On May 5, a crypto “whale” purchased 962.3 billion Pepe tokens, paying an average price of $0.000003122. The purchase was made using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH), as per blockchain analytics service Lookonchain.
Unrealized Losses for the Investor
As per CoinGecko, PEPE has dropped 42% from its all-time high, leaving the investor’s PEPE holdings worth only $2.4 million, and incurring an unrealized loss of over $600,000.
Market Capitalization and Trading Volume
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. It has witnessed over $636 million in trading volume within the last 24 hours and has single-handedly burned over 5,000 ETH in related gas fees via Uniswap trading as of May 5.
Increasing Number of Individual Holders
Pepe has seen a significant increase in the number of individual holders, despite its price volatility. According to Dune Analytics, the number of token holders has steadily risen over the past three weeks, and at the time of publication, there were 144,534 individual token holders.
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