Pepe (PEPE) is a meme coin on Ethereum that was launched on April 14, 2023, by an anonymous group with a market cap of less than $1 million. However, in just three weeks, Pepe has become a meme that has taken the market by storm and has seen impressive growth.
This week, Binance announced the listing of FLOKI (FLOKI) and Pepe (PEPE) in the Innovation Zone, which led to a surge in Pepe’s price. The meme coin reached its peak price of $0.00000436 after the announcement, leading to a temporary loss for one whale.
According to Lookonchain data, the whale purchased 962.3 billion Pepe tokens with an average buying price of $0.000003122, using 70 WBTC ($2.07 million) and 470 ETH ($937,000) in the past two days. However, with the current price of Pepe at $0.00000258, the whale has lost more than $500,000.
This loss is significant, given the relatively short period since Pepe’s launch. The whale’s investment in Pepe was made with the hope of making a substantial profit, but the current market situation has left them at a loss.
Despite this, Pepe has seen an impressive surge in trading volume, with Coingecko reporting a trading volume of up to $846 million in the past 24 hours, surpassing even the top meme coins on the market, Dogecoin and Shiba Inu. Pepe currently ranks sixth in terms of trading volume in the market, behind Tether, Ethereum, Bitcoin, USDC Coin, and TrueUSD.
The rise of Pepe shows the unpredictable nature of the cryptocurrency market and the risks involved in investing in meme coins. While some investors may see substantial profits, others may suffer significant losses, as demonstrated by the whale’s current situation with Pepe.
Source: https://azcoinnews.com/pepe-meme-coin-sees-whale-investor-losses-of-over-500000.html
