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Whale’s Fortune Takes a Deep Dive as Pepe’s Sudden Drop Leaves $500K in the Red

Recently, a memecoin whale, who invested in Pepe tokens, made a purchase of $3 million worth of tokens a few days ago. However, the value of Pepe (PEPE) memecoin has dropped by over 45% after reaching an all-time high on May 6, resulting in significant losses for the investor. According to Lookonchain, a blockchain analytics service, the crypto whale purchased around 962.4 billion tokens of PEPE coins, and the purchase was made using 470 ETH and 70 WBTC at a rate of $0.00000312 per token.

The Recent PEPE Loss

According to CoinGecko’s report, PEPE has undergone a significant decline of 45% from its highest value. As a result, investors who hold PEPE now have a total value of only $2.4 million, which means they have incurred an unrealized loss of more than $600,000. 

Despite this recent drop in price, Pepe still maintains a market capitalization of slightly over $1 billion, making it the 45th largest cryptocurrency in terms of overall valuation. Since its inception on April 14, Pepe has gained a lot of attention, with trading volume exceeding $636 million in the past 24 hours alone. Furthermore, Pepe has burned over 5,300 ETH in gas fees through Uniswap trading as of May 8.

The Memecoim Trend

Over the past three weeks, there has been a consistent rise in the number of individual holders of the memecoin, despite its highly volatile price. According to data from Dune Analytics, there are currently 144,534 individual token holders as of the time of writing. The popularity of the memecoin craze has also resulted in a surge in fees on the Bitcoin network, which is now at its highest point in two years due to the significant increase in Bitcoin activity related to BRC-20 transactions.

Ever since Dogecoin (DOGE) was introduced in 2013, memecoins have held a prominent position in the world of cryptocurrencies. Nevertheless, it’s crucial to keep in mind that investing in memecoins can be a highly risky trading strategy since there are no underlying fundamentals to support them. Consequently, people have encountered significant profits and losses alike.