Crypto Whale Suffers $500,000 Loss As PEPE Price Plummets
Unsurprisingly, the recently hyped frog-themed meme coin PEPE is now beginning to suffer a price decline, impacting late investors negatively. According to LookOnChain’s recent report, a large investor or whale who purchased a large amount of the token amid its rally has now suffered a huge loss.
This loss follows the memecoin ongoing downtrend after the recent rally, which seemed to be never-ending. PEPE experienced a significant spike during its rally, up by more than 3,000% from its all-time low. This spike resulted from the growing interest and hype for the frog-themed token.
Taking A Huge Hit
On May 7, popular on-chain analyst LookOnChain reported that a notable investor of PEPE, who bought approximately 962.3 billion of $PEPE worth $2.46M at the time, had lost $541,000. According to LookOnChain, the whale bought the token “with 70 $WBTC ($2.07M) and 470 $ETH ($937,000) at an average buying price of $0.000003122.”
This purchase was during PEPE’s hype when the token traded in the green. At the time of writing, the token currently trades at $0.00000188, bringing the whale’s total loss to roughly $607,000.
Notably, while some whales recorded losses in their PEPE investment, other investors made huge profits from their purchases. As recently reported by NewsBTC, a PEPE wallet holding 2.5 trillion tokens reportedly turned $27 into over $4 million.
It’s crucial to recognize that some investors made a profit while others experienced losses with PEPE. Latecomers suffered losses, while early adopters who bought the token before its widespread popularity profited.
Aftermath Of The PEPE Rally
It is no more news PEPE recorded huge gains in the past week due to significant hype from the crypto community. Despite the token not having any potential utility, the frog-themed memecoin enjoyed a remarkable spike pushing it to appear among the top 100 cryptocurrencies in the crypto market.
Aside from the hype, several other factors, including listing on major crypto exchanges such as Binance, contributed to the token’s massive surge. However, following the spike and the dying down of the hype of the token, PEPE has begun to see a major retracement.
The asset is currently down 54% from its peak and has declined by over 10% in the past 24 hours. PEPE’s market cap has recorded a huge loss of $5.2 billion in the past 4 days. Meanwhile, its trading volume has seen a significant surge indicating a violent sell-off from investors.
Featured image from Unsplash, Chart from TradingView
Source: Read Full Article