PEPE, the latest meme coin sensation, has broken out, surging nearly 400% over the past week as investors pour money into the token in hopes of some returns. MIME coin rose to $0.0000045 on Friday after being listed on the world’s largest crypto exchange, Binance.
However, the price suffered a sharp decline on Saturday, plunging nearly 40% as some earlier investors took advantage of the week’s rally to book profits. Various investors were hit hard following the price drop, with one whale losing over half a million dollars.
On-Chain Analytics Firm Sentiment for Sunday, May 2 Thrown light on A whale that lost approximately $541,000 worth of PEPE after buying a large amount about two days ago. Reportedly, the anonymous entity bought 962.3B $PEPE worth $2.46M as well as 70 $WBTC worth $2.07M and 470 $ETH worth $937K. However, as of Sunday afternoon, approximately $541K of damage had already been done to their PEPE storage.
PEPE was launched last month as a meme coin that pays homage to the popular internet meme Pepe the Frog. Although its website mentions that the token has no intrinsic value or expected financial returns, investors have been flocking to buy it, especially after some early investors made staggering profits.
In less than three weeks, the token has attracted a significant market cap of over $1 billion and is currently ranked 44th among the largest cryptocurrencies. Notably, sentiment is highlighting various whale purchases with some buyers exchange Meme coins like Shiba Inu and Doge for PEPE.
Meme coins have been gaining popularity in the cryptocurrency market lately, despite being absent for almost a year after last year’s brutal winter. These tokens are created based on popular memes and do not have real world use cases. They are often created as a joke, but some, such as Dogecoin and Shiba Inu, have gained significant traction and market value due to their advanced use cases.
Notably, as PEPE has no formal team or roadmap and is purely for entertainment purposes only, it remains highly speculative and could result in substantial losses within a short period, according to some experts.
“If all of a sudden people find out that PEPE has no value and it collapses, you’re going to wipe a billion dollars out of this market in minutes. The sooner these things are gone, the better because We do not want this to create a situation of infection in the market. said crypto analyst Ran Neuner.
Recent losses incurred by PEPE the whale have highlighted the highly volatile nature of meme coins and the risks involved in investing in them, investors should exercise caution and thoroughly research the token and its potential risks before investing Needed
At press time, PEPE is trading at $0.000002888, down 0.54% over the past 24-hours, according to data from CoinMarketCap.