With a recent drop in value, Pepe’s market cap slipped below $1 billion. Pepe ($PEPE), has suffered a significant setback, falling 42% from its all-time high on May 6 and causing significant losses. The loss was especially exponential for at least one investor.
A blockchain analytics service, Lookonchain, has reported that a single “whale” in the crypto world bought a whopping 962.3 billion Pepe tokens at an average price of $0.000003122. The transaction was made with 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) on May 5, just before Memecoin’s all-time high.
The value of Pepe (PEPE) has fallen 42% since it reached its all-time high a few days ago, CoinGecko reports. The investor who bought 962.3 billion Pepe tokens now faces an unrealized loss of over $600,000, with his PEPE holdings estimated to be worth $2.4 million.
Pepe has attracted great interest since its launch on April 14, with a trading volume of more than $636 million in the last 24 hours. The coin has also burned through more than 5,000 ETH in gas fees through Uniswap trading (as of May 5).
Despite wild price swings, Pepe continues to grow in popularity among retail investors. Over the past three weeks, the number of individual investors has steadily increased. This indicates that Pepe has attracted the attention of many retail investors despite its volatility.
The rise of the Memecoin craze has led to an increase in Bitcoin transaction fees, which have reached their highest level in two years at $28,295 per network ticker. This surge in Bitcoin activity is coupled with an increase in BRC-20-related transactions, reflecting the growing popularity of Memecoins among crypto investors.
