PEPE Up 5,000,000 Percent! Whales Started Selling Profit!

Pepecoin (PEPE) has seen an increase of almost 5,000,000 percent over the past few weeks. So, it undersigned one of the most spectacular rises in altcoin history. After this jump, investors may be profiting from their positions. The price of Pepe (PEPE) has dropped more than 42 percent just days after hitting an all-time high on May 6. Thus, it left some investors with thousands of dollars in losses. Here are the details…

PEPE pulls back after its peak

The token is down nearly 45 percent after peaking at $0.00000431 on Friday. Since its launch in mid-April, it has reached a market capitalization of $1.8 billion in just three weeks. This price drop has likely been exacerbated by the launch of several PEPE-pegged futures last week, as traders are profiting from their positions or using advanced trading strategies.

According to the data, these profits are most likely being converted to Ethereum (ETH). Because the leading altcoin has experienced a jump in deposits made to exchanges. In a tweet on Monday, on-chain analytics firm Santiment stated that the increased number of ETH deposits could be due to traders profiting from their PEPE positions. Santiment used the following statements:

Exchange addresses interacting on the network are currently at their highest level since November 2021. As expected, ETH is showing signs of divergence and is on the verge of breaking $2,000 once again.

An investor lost $600,000

Also, according to Blockchain analytics service Lookonchain, a crypto “whale” bought PEPE for an average of $0.000003122 on May 5. He sold 70 Wrapped Bitcoin (WBTC) and 470 Ethereum (ETH) for it. As a result, he bought 962.3 billion Pepe tokens. However, as we mentioned above, PEPE has since dropped 42 percent from its all-time high. The crypto investor’s PEPE assets are currently estimated to be worth just $2.4 million. This represents an unrealized loss of more than $600,000.

Despite the recent price drop, Pepe still has a market cap of just over $1 billion. This makes it the 45th largest cryptocurrency by overall valuation. Memecoin has witnessed extreme fluctuations in its price. On the other hand, the number of individual owners has increased steadily over the past three weeks. According to data from Dune Analytics, there are currently 144,534 individual token holders.

An investor also made a profit of $ 3.8 million

As a result, some traders invested in PEPE immediately after its launch. Then, within days, he turned his investments into fortunes. But those who don’t act fast are at a loss. As we reported on cryptokoin.com, a trader called dimethyltryptamine.eth spent $263 just three weeks ago to buy trillions of PEPE tokens. He sold some of his assets with a profit of over $3.8 million. The trader continues to hold over $5 million in tokens as of Monday.

But such meteoric fortunes are not normal. Analysts have repeatedly expressed concerns about the behavior of investors who purchase relatively large amounts of PEPE after it has been released on the Ethereum Blockchain.