Pepe’s sudden drop leaves whale 500k in the red

May 07. 2023

By Tom Mitchelhill

A memecoin whale who purchased roughly $3 million worth of the Pepe token just days ago is now sitting on an unrealized loss of around $600,000.

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.

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.

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