The price of the new memecoin Pepe (PEPE) has plunged more than 42% just days after hitting its all-time high on May 6, leaving at least one investor with thousands in paper losses.
According to Blockchain Analytics Service lukanchainA crypto “whale” bought 962.3 billion Pepe tokens using 70 wrapped bitcoin (WBTC) and 470 ether (ETH) on May 5 at an average price of $0.000003122.
Pepe, 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 just $2.4 million, an unrealized loss of over $600,000.
a whale bought 962.3B $PEPE(currently $2.46M) with 70 $wbtc ($2.07M) and 470 $ETH Over the last 2 days ($937K), with an average buy price of $0.000003122.
He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— lookonchain (@lookonchain) May 7, 2023
Despite the recent price drop, PayPy still holds a market capitalization of over $1 billion, making it the 45th largest cryptocurrency by overall valuation.
Since its inception on 14 April, Pepe has attracted widespread attentionWitnessing over $636 million in trading volume within the last 24 hours, and destroying over 5,000 ETH in associated gas fees via Uniswap trading as of May 5th.
I downloaded 413,283 PEPE Uniswap transactions @DuneAnalytics
PEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks
— Alex (@thiccythot_) May 5, 2023
While the price of Memecoin has seen extreme volatility, the number of individual holders has steadily increased over the past three weeks. According to data from Dune Analytics, there are 144,534 individual holders of the token at the time of publication.
Connected: Memecoin Mania: Social Relevance, Speculation Drive PEPE Surge
memecoin mania has arrived also levied a fee on bitcoin ,B T cThe network surged to its highest level in two years following a massive surge in bitcoin activity. BRC-20 Related Transactions,
Memecoins have played a role in the cryptocurrency industry since most of their creation Widely recognized meme-based cryptocurrencydog coinDoge), back in 2013. It is worth pointing out that due to the inherent lack of any fundamentals, investing in Memecoins can be an incredibly risky trading strategy, with huge amounts of money made and equal amounts lost.
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