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As the price of Pepe Coin (PEPE) dropped over the past weekend, the whales have become active again, which could lead to further volatility in the price.
Last week, the frog-themed MemeCoin Pepe Coin (pepe) created a huge frenzy in the crypto space, registering over 300-400% price gains, with its price reaching $0.00000420 on Friday, May 5.
Less than a month after launching on April 18, Pepe Coin daily trading volume surged 3 billion% last week, ranking second Bitcoin And Ethereum, However, PEPE has come under some strong selling pressure over the past weekend.
As at press time, PEPE is trading down 4.59% at a price of $0.000002444, with a market cap of $952 million. This shows that bulls have struggled to keep the cryptocurrency’s market cap above $1 billion. However, despite this selling pressure, PEPE still holds a position among the top 50 digital assets by market cap.
At the current price point, PEPE has already corrected almost 50% from its all-time high of $0.0000046. Also, the 24-hour trading volume has decreased to $885,587,836. After a solid increase in the price of Pepe Coin (PEPE) within three weeks of launch, we can expect further volatility in PEPE, and it is hard to say whether the price is likely to continue its sustained rise.
Whale Activity for PEPE Jump
PEPE fell almost 50% from its all-time high of $0.0000043, with the price tanking as low as $0.0000025. However, as it closes, PEPE the whale who recently bought into this market frenzy is at a deep unrealized loss of almost half a million.
According to data from LookOnchain, whales bought 962 billion PEPE coins at an average price of $0.000003122. Whales lost $541K as Pepe Coin (PEPE) crashed over the weekend.
a whale bought 962.3B $PEPE(currently $2.46M) with 70 $wbtc ($2.07M) and 470 $ETH Over the last 2 days ($937K), with an average buy price of $0.000003122.
He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— lookonchain (@lookonchain) May 7, 2023
However, some early believers of Pepe’s coin took the opportunity to buy the dips. In the latest update, LookOn Chen said:
“4 whales (probably the same person) bought $PEPE within 3 minutes of $PEPE being listed and haven’t sold so far. They bought 0.08 $ETH ($166), a total of 8.77T $PEPE ($22.15M) with 133,095x profit currently) bought.
However, users can also keep an eye on the following whale addresses that have been actively driving up the price of Pepe Coin (PEPE) since its launch last month.
who made the most money $PEPE,
Here’s a leaderboard of the top 10 most profitable addresses $PEPE,
dimethyltryptamine.eth made $11M (44,673x) and 0x45cf made $5M (120,102x) with the highest ROI.
Follow these addresses to see what #Mam Coins they will buy next.👇 pic.twitter.com/S6SMexmkKW
— lookonchain (@lookonchain) May 6, 2023
Amidst the current price rally, Pepe Coin has certainly stolen the limelight from heavyweights such as Dogecoin and Shiba Inu.
Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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