Pepe Coin: Whales, Dips, and the Battle for Market Cap
The recent decline in the price of Pepe coin (PEPE) has sparked renewed interest among large investors, potentially leading to increased price volatility in the future.
Just last week, the meme-based cryptocurrency Pepe coin (PEPE) caused a major sensation in the crypto industry, experiencing price gains of 300-400%. Its value reached a peak of $0.00000420 on Friday, May 5.
Within less than a month since its launch on April 18, Pepe coin’s daily trading volumes surged to $3 billion, placing it second only to Bitcoin and Ethereum. However, the coin faced significant selling pressure over the past weekend.
Presently, PEPE is being traded at a value of $0.000002444, exhibiting a decline of 4.59%. Its market capitalization currently sits at $952 million, suggesting that the proponents of the cryptocurrency have faced challenges in sustaining its market cap above $1 billion. However, despite the prevailing selling pressure, PEPE continues to hold its position among the leading 50 digital assets in terms of market capitalization.
The PEPE token has undergone a substantial correction of approximately 50% from its record peak of $0.0000046, considering its present value. Furthermore, the trading volume over the past 24 hours has decreased to $885,587,836. Following a remarkable surge in price shortly after its introduction, PEPE is anticipated to maintain its volatile nature, rendering future price growth uncertain and challenging to forecast.
Whale Activity Surges for PEPE With PEPE’s price dropping below $0.0000025, a decrease of almost 50% from its all-time high of $0.0000043, a particular PEPE whale who participated in the recent market frenzy is facing significant unrealized losses, amounting to around half a million dollars.
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According to data from LookonChain, this whale had purchased 962 billion PEPE coins at an average price of $0.000003122. As a result of the recent crash in the price of Pepe coin (PEPE), the whale has incurred losses of $541K.
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 adopters of Pepe coin are seizing the opportunity to buy during this dip. LookOnChain provided the latest update, stating:
“Four whales (likely the same person) bought $PEPE within a three-minute window after its listing and have not sold yet. They acquired a total of 8.77 trillion $PEPE ($22.15 million at present) with 0.08 $ETH ($166), resulting in gains of 133,095 times.”
Moreover, individuals have the opportunity to track the whale addresses listed below, as these addresses have been significantly impacting the price movements of Pepe coin (PEPE) since its introduction in the previous 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
In the midst of the current price rally, Pepe coin has undoubtedly stolen the spotlight from prominent cryptocurrencies like Dogecoin and Shiba Inu.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
