Crypto: The fall of PEPE (already!)

PEPE has seen incredible success since its launch. Investors rushed to this token considered a joke. However, its market capitalization currently stands at $1 billion. But the downside is that after several months of success, PEPE is experiencing a significant drop. The proof: a price drop of this memecoin led to a major loss for a crypto whale.

Following a more than 40% drop in the price of Pepe, a memecoin whale who purchased more than 962 billion worth of the token has been left with more than $600,000 in unrealized losses. https://t.co/JSxVoRPrkj

— Cointelegraph (@Cointelegraph) May 8, 2023

The PEPE crypto quickly made a name for itself

The PEPE crypto saw tremendous success after its launch on April 14, despite the fact that the cryptocurrency built on the frog theme doesn’t even have a fundamental value proposition. 

Here’s how it all came about: the story of PepeCoin begins with the Boy’s Club comic created in 2005, where the main character is this teenager with a frog head. Pepe the Frog was then taken up by social networks to illustrate different everyday situations.

The first PEPE was put into circulation on April 15. Nothing is known about the creator of this memecoin. No information allows them to be identified either on the Pepe site or on the Twitter account.

Despite all this, the PEPE memecoin achieved a gain of 4,000% in its price. It reached a market capitalization of $1 billion just three weeks after its launch.

The sudden drop in the memecoin pushes a 500k whale into the red

A few days after its May 6th feat where the token reached its record level, the price of the PEPE crypto plummeted. A 42% drop was observed. As a result, a crypto whale lost hundreds of thousands of dollars.

Lookonchain revealed that a crypto whale bought 962.3 billion Pepe tokens with 70 Wrapped Bitcoin (WBTC) and 470 Ether. The average price of PepeCoin was $0.0003122 on May 5th. Due to the 42% drop in PEPE, the crypto whale’s holdings decreased to $2.4 million, with an unrealized loss of $600,000.

Certainly, the price of the PEPE crypto has dropped. Nevertheless, the memecoin still occupies the 45th place in the ranking of the largest crypto in terms of overall evaluation.