As the price of Pepe coin (PEPE) tanked over the last weekend, whales have turned active again which could cause further price volatility going ahead.
Last week, the frog-themed memecoin Pepe coin (PEPE) created a massive frenzy in the crypto space registering over 300-400% price gains, with its price peaking at $0.00000420 on Friday, May 5.
With less than a month since its launch on April 18, Pepe coin daily trading volumes shot up to %3 billion last week, second to Bitcoin and Ethereum. However, PEPE has come under some strong selling pressure over the last weekend.
As of press time, PEPE is trading 4.59% down at a price of $0.000002444 with its market cap at $952 million. This shows that the bulls have struggled to hold the cryptocurrency’s market cap at more than $1 billion. However, despite this selling pressure, PEPE still occupies a spot among the top 50 digital assets by market cap.
At the current price point, PEPE has already corrected by nearly 50% from its all-time high of $0.0000046. Also, the 24-hour trading volume has cooled down to $885,587,836. After a solid rise in the price of Pepe coin (PEPE) just within three weeks of launch, we can expect further volatility in PEPE, and is difficult to say the possibility of a sustained price hike going ahead.
Whale Activity for PEPE Jumps
With the price of PEPE tanking under $0.0000025, dropping nearly 50% from its all-time high of $0.0000043. However, as it turns off, one PEPE whale which bought in this recent market frenzy is under deep unrealized losses of about half a million.
As per the data on LookonChain, the whale had bought 962 billion PEPE coins for an average price of $0.000003122. The whale has lost $541K with Pepe coin (PEPE) coming crashing down over the weekend.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying 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 coin are taking the opportunity to buy the dips. In the latest update, Lookon Chain stated:
“4 whales (probably the same person) bought $PEPE within 3 minutes after $PEPE was listed and have not sold until now. He bought a total of 8.77T $PEPE ($22.15M currently) with 0.08 $ETH ($166), 133,095x in gains.”
However, users can also keep a tab over the following whale addresses that have been actively moving the price of Pepe coin (PEPE) since its launch last month.
Who made the most money on $PEPE?
Here is a leaderboard of the top 10 most profitable addresses on $PEPE.
dimethyltryptamine.eth made $11M (44,673x) and 0x45cf made $5M (120,102x), with the highest ROI.
Follow these addresses to see what #MEME coins they will buy next.👇 pic.twitter.com/S6SMExmkKW
— Lookonchain (@lookonchain) May 6, 2023
Amid the current price rally, Pepe coin has certainly stolen the limelight from giants like Dogecoin and Shiba Inu.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.