The recent price drop of PEPE has left a crypto whale with over half a million in unrealized losses just days after reaching its all-time high.
Pepe (PEPE), a new memecoin, has experienced a staggering 42% drop in value after hitting its peak on May 6th.
A blockchain analytics service Lookonchain revealed that on May 5th, one crypto "whale" had bought 962.3 billion Pepe tokens at an average price of $0.000003122, using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH).
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Since the all-time high, Pepe's value has taken a tumble, causing the investor's holdings to plummet to an estimated worth of just $2.4 million. This represents an unrealized loss of over $600,000.
Launched on April 14th, Pepe quickly garnered attention and saw its trading volume skyrocket to more than $636 million within the last 24 hours.
As of May 5th, over 5,000 ETH in PEPE-related gas fees were burned through Uniswap trading alone. It is worth noting that it is believed that since the launch of PEPE, Ethereum gas prices have increased by approximately 50%.
Although the meme-inspired coin has experienced extreme price volatility, its individual holder count has steadily increased over the past three weeks. Dune Analytics data indicates that, at the time of publication, there are 144,534 unique Pepe token holders.
This rise in popularity, combined with the coin's volatile nature, serves as a reminder of the unpredictable world of cryptocurrencies, where fortunes can be made or lost in the blink of an eye.
At the time of writing, PEPE retails for $0.00000244, recording a 5.54% decrease in the last 24 hours.
