• A whale purchased over $3 million worth of Pepe token, only to experience a 42% drop in its value and an unrealized loss of around $600,000.
• Pepe currently has a market capitalization of just over $1 billion, making it the 45th largest cryptocurrency by overall valuation.
• The memecoin has attracted widespread attention, with over 144,534 individual holders and witnessing over $636 million in trading volume within the last 24 hours.
Crypto Whale Loses Big After Investing In Memecoin Pepe
A crypto “whale” who purchased roughly 962.3 billion Pepe tokens (PEPE) for an average price of $0.000003122 on May 5 is now sitting on an unrealized loss of around $600,000 after the memecoin experienced a sudden 42% drop.
Pepe Token Reaches Market Capitalization Of Over $1 Billion
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. Since its inception on April 14, Pepe has attracted widespread attention and witnessed over $636 million in trading volume within the last 24 hours.
Over 144,000 Individual Holders Of The Pepe Token
The advent of memecoin mania has also driven fees on the Bitcoin (BTC) network to surge to their highest levels of the last two years following an enormous spike in Bitcoin activity involving BRC-20-related transactions. According to data from Dune Analytics, there are now 144 534 individual holders of token at the time of publication.
Rising Gas Fees On The Bitcoin Network
In addition to this growth in popularity among individual holders, traders have burned more than 5 000 ETH ($10M) in gas fees while exchanging PEPE tokens via Uniswap since April 14.