Whale Suffers $500k Loss as PEPE Price Experiences Abrupt Decline

The post Whale Suffers $500k Loss as PEPE Price Experiences Abrupt Decline appeared first on Coinpedia Fintech News

A new meme coin (Pepe) has dropped over 42% after reaching an all-time high on May 6. A crypto “whale” purchased 962.3 Billion Pepe tokens using 70 wrapped Bitcoin (WBTC) and 470 Ether (ETH) for an average price of $0.000003122 on May 5.

Despite its previous peak, the value of Pepe has decreased by over 42% reported by CoinGecko. The current estimated value of the Pepe holdings owned by cryptocurrency investors amounts to $2.4 million, which results in an unrealized loss exceeding $600,000.

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