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© Reuters Pepe’s sudden decline sends a whale $500,000 into the red
Within days of hitting an all-time high on May 6, the price of new memecoin Pepe (PEPE) plunged more than 42%, leaving one investor with hundreds of thousands of dollars in unrealized losses.
According to blockchain analytics service Lookonchain, a “whale” bought 962.3 billion Pepe tokens on May 5 using 70 Wrapped (WBTC) and 470 Ether (ETH) at an average price of $0.000003122.
Since then, however, PEPE has plunged 42% from its all-time high, according to CoinGecko. The cryptocurrency investor’s PEPE holdings are estimated are now worth just $2.4 millionresulting in an unrealized loss of over $600,000.
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