The value of latest memecoin Pepe (PEPE) has plunged greater than 42% solely days after reaching its all-time excessive on Could 6, leaving at the least one investor with a whole lot of 1000’s in paper losses.
In keeping with blockchain analytics service Lookonchain, one crypto “whale” bought 962.3 billion Pepe tokens utilizing 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) for a median value of $0.000003122 on Could 5.
PEPE has, nevertheless, fallen 42% from its all-time excessive since then, based on CoinGecko. The crypto investor’s PEPE holdings at the moment are estimated to be value solely $2.4 million, marking an unrealized lack of greater than $600,000.
— Lookonchain (@lookonchain) Could 7, 2023
Regardless of the latest value decline, Pepe nonetheless holds a market capitalization of simply over $1 billion, making it the forty fifth largest cryptocurrency by general valuation.
Since its inception on April 14, Pepe has attracted widespread consideration, witnessing over $636 million in buying and selling quantity throughout the final 24 hours, and single-handed burning greater than 5,000 ETH in associated fuel charges by way of Uniswap buying and selling as of Could 5.
I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics
PEPE merchants have burned ~5,300 ETH ($10M) in fuel over the previous 3 weeks
— Alex (@thiccythot_) Could 5, 2023
Whereas the memecoin has witnessed excessive volatility in its value, the variety of particular person holders has elevated steadily over the previous three weeks. In keeping with knowledge from Dune Analytics, there are 144,534 particular person holders of token on the time of publication.
The arrival of memecoin mania has additionally pushed charges on the Bitcoin (BTC) community to surge to their highest ranges of the final two years, following an unlimited spike in Bitcoin exercise involving BRC-20-related transactions.
Memecoins have performed a job within the cryptocurrency trade for the reason that creation of probably the most well known meme-based cryptocurrency, Dogecoin (DOGE), again in 2013. It’s value declaring that as a result of inherent lack of any fundamentals, funding in memecoins will be an extremely dangerous buying and selling technique, with huge sums of wealth being made and obliterated in equal measure.