Pepe’s sudden drop leaves whale 500k in the red

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New memecoin Pepe (PEPE) price plunges more than 42% in just days after hitting all-time high on May 6, costing at least one investor hundreds of thousands of dollars .

According to blockchain analytics service look on chainone crypto “whale” used 70 wrapped Bitcoins (WBTC) and 470 Ethers (ETH) to buy 962.3 billion Pepe tokens at an average price of $0.000003122 on May 5th.

However, PEPE is fell It is up 42% from its all-time high, according to CoinGecko. The crypto investor’s PEPE holdings are currently estimated to be worth just $2.4 million, marking an unrealized loss of over $600,000.

Whale bought 962.3B $PEPE(currently $2.46 million) at 70 $WBTC ($2.07 million) and 470 $ETH ($937,000), with an average purchase price of $0.000003122 over the last two days.

He lost $541,000 at current prices!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc

— Lookonchain (@lookonchain) May 7, 2023

Despite the recent price drop, Pepe still has a market cap of just over $1 billion, making it the 45th largest cryptocurrency by overall valuation.

Since its launch on April 14th, Pepe has received widespread attention, generating over $636 million in trading volume in the last 24 hours and, as of May 5th, via the Uniswap deal, Pepe has attracted a wide range of attention. Burned more than 5,000 ETH in gas prices alone.

Downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics

PEPE traders have consumed nearly 5,300 ETH ($10 million) of gas in the last three weeks

1/ pic.twitter.com/9lZxGGjtT5

— Alex (@thiccythot_) May 5, 2023

While memecoin has seen extreme volatility in its price, the number of private owners has steadily increased over the past three weeks. According to Dune Analytics data, there are 144,534 individual token holders at the time of publication.

Related: Memecoin Mania: Social Relevance, Speculation Drives PEPE Surge

Also, after a spike in Bitcoin activity, including BRC-20 related transactions, the emergence of memecoin mania has pushed Bitcoin (BTC) network fees to their highest levels in the past two years.

Memecoins have played a role in the cryptocurrency industry since the creation of Dogecoin (DOGE), the most widely recognized meme-based cryptocurrency in 2013. It is an incredibly risky trading strategy, with huge amounts of wealth being made and lost in equal measure.

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