Key Takeaways:
- PEPE lost 68.24% of its value since its May 2023 peak.
- Some token whales started to dump their holdings as technicals indicate bearish sentiments.
- Its glorious price rally has been exhausted.
YEREVAN (CoinChapter.com) — The so-called “most memeable” PEPE coin made big waves in May 2023. But like every other highly-volatile token, its popularity has seemingly approached its end. Yes, the token had its day, but in the case of memecoins, those days are short.
Let’s plunge and see how PEPE is slowly fleeting.
Feels bad man…
Whales Dump PEPE
Analysts at Lookonchain revealed on June 5, 2023, that PEPE whales started to sell their holdings en masse.
Whales/SmartMoneys are selling $PEPE.
— Lookonchain (@lookonchain) June 5, 2023
A whale deposited 649B $PEPE($761K) 1 hr ago.
0x4614 who made 1,182 $ETH($2.2M) on $PEPE sold 375.8B $PEPE($306K) at a loss of 76 $ETH($142K) 1 hr ago.
0x6544 who made $352K on $PEPE sold 257.9B $PEPE($306K) at a loss of $35K 4 hrs ago. pic.twitter.com/w8crgva6S0
Firstly, a whale investor named “0x4614” gained 1,182 ETH ($2.2 million) in profits from the PEPE craze. This investor sold $306,000 worth of its holdings. 0x4614 did so at a loss of 76 ETH, which amounts to $142,000.
The second investor, 0x6544, generated $352,000 in profits. However, It sold 257.9 billion PEPE ($306,000) at a loss of $35,000.
Lastly, another whale deposited 649 billion PEPE ($761,000) at exchanges, raising anticipation about another massive selloff ahead. The information above indicates that PEPE whales felt too risky to hold onto their memecoin investment.
The Bigger Picture
Interestingly enough, the price of PEPE has dropped by 20.40% to $0.000001164 in the last seven days and around 70% from its record high of $0.00000381 in May.
Even today, June 5, 2023, the token lost approximately 8% percent in value.
At this point, it’s likely common knowledge that memecoins come and go all the time. And PEPE, for better or worse, is likely no exception.
Tokens like PEPE are designed to be sources of high-risk, high-reward-based profits. But, unfortunately, the token gets forgotten when this objective is met because the so-called “game” is over.
Once it’s over, all types of investors search for the next big thing to play and toy around with.
By nature, meme coins are usually speculative assets that hold no intrinsic utility, and it’s quite expected that they are short-lived and not sustainable in the long run.
However, PEPEcoin does have a very solid meme-based background and internet culture significance that made people hype it, therefore, assign value to it initially.
But if there is no stable community to prop it up constantly, it will probably suffer the fate of many now-defunct meme tokens that came before it.
