Pepe Coin (PEPE) Struggles to Hold Above $1B Market Cap, Whales Under Loss
As the price of Pepe coin (PEPE) tanked over the last weekend, whales have turned active again which could cause further price volatility going ahead.
Last week, the frog-themed memecoin Pepe coin (PEPE) created a massive frenzy in the crypto space registering over 300-400% price gains, with its price peaking at $0.00000420 on Friday, May 5.
With less than a month since its launch on April 18, Pepe coin daily trading volumes shot up to %3 billion last week, second to Bitcoin and Ethereum. However, PEPE has come under some strong selling pressure over the last weekend.
As of press time, PEPE is trading 4.59% down at a price of $0.000002444 with its market cap at $952 million. This shows that the bulls have struggled to hold the cryptocurrency’s market cap at more than $1 billion. However, despite this selling pressure, PEPE still occupies a spot among the top 50 digital assets by market cap.
At the current price point, PEPE has already corrected by nearly 50% from its all-time high of $0.0000046. Also, the 24-hour trading volume has cooled down to $885,587,836. After a solid rise in the price of Pepe coin (PEPE) just within three weeks of launch, we can expect further volatility in PEPE, and is difficult to say the possibility of a sustained price hike going ahead.
Whale Activity for PEPE Jumps
With the price of PEPE tanking under $0.0000025, dropping nearly 50% from its all-time high of $0.0000043. However, as it turns off, one PEPE whale which bought in this recent market frenzy is under deep unrealized losses of about half a million.
As per the data on LookonChain, the whale had bought 962 billion PEPE coins for an average price of $0.000003122. The whale has lost $541K with Pepe coin (PEPE) coming crashing down over the weekend.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying 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
However, some early believers of Pepe coin are taking the opportunity to buy the dips. In the latest update, Lookon Chain stated:
“4 whales (probably the same person) bought $PEPE within 3 minutes after $PEPE was listed and have not sold until now. He bought a total of 8.77T $PEPE ($22.15M currently) with 0.08 $ETH ($166), 133,095x in gains.”
However, users can also keep a tab over the following whale addresses that have been actively moving the price of Pepe coin (PEPE) since its launch last month.
Who made the most money on $PEPE?
Here is a leaderboard of the top 10 most profitable addresses on $PEPE.
dimethyltryptamine.eth made $11M (44,673x) and 0x45cf made $5M (120,102x), with the highest ROI.
Follow these addresses to see what #MEME coins they will buy next.👇 pic.twitter.com/S6SMExmkKW
— Lookonchain (@lookonchain) May 6, 2023
Amid the current price rally, Pepe coin has certainly stolen the limelight from giants like Dogecoin and Shiba Inu.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
