Pepe’s market cap dive below $1B as investors take profit

Pepe’s (PEPE) market cap fell below $1 billion during the early trading hours of today after the meme coin declined by almost 100% from its all-time high.

During the last 24 hours, PEPE decreased by more than 15% to trade at $0.000002187 as of press time.

Pepe market cap shed over $300 million as investors take profit

PEPE’s market cap shed over $300 million, dropping to as low as $840 million from  $1.21 billion during the reporting period.

During its peak bull run, the meme coin printed several millionaires who might now be taking a profit.

Blockchain analytical firm Santiment reported that PEPE traders were converting their profits into Ethereum. According to the firm, this was why active deposits on the network hit an 18-month high of over 20,000 on May 5.

Whales dump PEPE

On May 5, blockchain sleuth Lookonchain reported that a whale that bought 4.23 trillion PEPE tokens with 422 ETH and 200,000 USDC sent it to Binance. At the time, the whale’s profit was estimated to be around $14.5 million.

Earlier today, another whale Master Ventures sold all of its holdings for $770,000 to net a profit of around $470,000. The whale also sold other meme coins it held, like WOJAK and SPONGE, for a profit of $44,000.

Meanwhile, four whales who bought 8.7 trillion PEPE immediately after Binance listed it are still holding. According to Lookonchain, the whales’ gains have soared more than 100,000 times.

Author

Oluwapelumi Adejumo

Journalist at CryptoSlate

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Editor

Josh O'Sullivan

Editor/Reporter at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.

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