Pepe’s market cap dive below $1B as investors take profit Pepe’s market cap dive below $1B as investors take profit
Blockchain analytical firm Santiment reported that PEPE traders were converting their profits into Ethereum.
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Updated: May. 8, 2023 at 12:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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