Pepe (PEPE), the latest memecoin to take the crypto world by storm, has experienced a significant drop in price, causing substantial losses for at least one investor.
According to reports, the coin’s value has plummeted by more than 42% since reaching its all-time high on May 6.
The drop in value has left one crypto whale with unrealized losses of more than $600,000. The investor purchased 962.3 billion PEPE tokens on May 5, using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH) for an average price of $0.000003122. However, since then, the coin’s value has plummeted, with the investor’s holdings now worth just $2.4 million.
Despite the significant price decline, PEPE still holds a market capitalization of just over $1 billion, making it the 45th largest cryptocurrency by overall valuation.
Since its launch on April 14, PEPE has generated significant interest, with over $636 million in trading volume within the last 24 hours alone. However, the coin’s high trading volume has also led to over 5,000 ETH being burned in related gas fees via Uniswap trading as of May 5.
Despite the coin’s extreme volatility, its number of individual holders has increased steadily over the past three weeks. Data from Dune Analytics shows that there are 144,534 individual holders of the token at the time of publication.