Crypto: fall of PEPE (already!)

PEPE has been wildly successful since its launch. Investors flocked to this token as a joke. However, its market cap currently stands at $1 billion. Reverse of the situation: after several months of success, PEPE recorded a non-negligible fall. The proof: a fall in price of this memecoin led to the great loss of a crypto whale.

Crypto PEPE is quickly talked about

The PEPE cryptocurrency has been a meteoric success after its launch on April 14. This is despite the frog-themed cryptocurrency not even having a core value proposition.

The story of PepeCoin begins with the comic book Boy’s Club created in 2005 where the main character is this teenager with the head of a frog. pepe the frog is then taken up by social networks to illustrate different situations of daily life.

The first PEPE was put into circulation on April 15. We don’t know anything about the creator of this memecoin. There is no information to identify them either on the Pepe site or on the Twitter account.

Despite all this, the PEPE memecoin has achieved a gain of 4000% on its price. It reached a market capitalization of $1 billion just three weeks after its launch.

Sudden memecoin drop pushes 500k whale into red

A few days after its May 6 exploit where the token hit its all-time high, the price of the PEPE crypto dropped. We observed a decrease of 42% has been observed. Result: a crypto whale lost hundreds of thousands of dollars.

lookonchain revealed that a crypto whale bought 962.3 billion Pepe tokens with 70 Wrapped Bitcoin (WBTC) and 470 Ether. The average PepeCoin price was at $0.000,003,122 on May 5. Because of PEPE’s 42% drop, the crypto whale’s holdings therefore shrunk to $2.4 million, with an unrealized loss of $600,000.

Certainly, the price of the crypto PEPE has fallen. Nevertheless, the memecoin still occupies the 45th place in the ranking of the largest cryptocurrencies in terms of overall evaluation.