Home Crypto News Crypto Whale Loses $500K+ Speculating on Pepe Memecoin

Crypto Whale Loses $500K+ Speculating on Pepe Memecoin

by Cryptoroz

Key Takeaways

  • PEPE memecoin was listed on Binance on Friday and went from $0.00000420 to $0.00000211, leading to big losses for traders
  • One whale is seeing big losses — as much as $500,000 after investing $2.46 million into PEPE

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Following its Friday launch on Binance, the PEPE memecoin dropped 38% after three days, leading to steep losses for speculators.

Pepe Coin (PEPE), the memecoin launched on April 15, has skilled a major worth drop just lately, dropping 38% of its worth in just some days.

PEPE was just lately listed on Binance on Might 5, 2023, peaking at $0.00000420. It boasted a $1 billion market cap when the token worth rose 67% on Saturday after its itemizing on Binance. Nevertheless, PEPE’s worth fell from round $0.00000420 on Might 5 to $0.00000259 on Might 7. PEPE sits at $0.00000211 on the time of writing, in accordance to information from CoinGecko. 

The Binance workforce famous, “PEPE has no token utility or worth assist mechanism. Additionally, there are indicators that sure insiders or workforce members have been in a position to purchase 7% of the whole token provide minutes after TGE [token generation event].” Memecoins normally haven’t any actual utility and function on the virality of the meme itself. Those that are early traders and sellers might see massive income, whereas these mistiming these gross sales might lead to big losses. 

This was the case for one whale. This hopeful investor purchased 962.3 billion PEPE for $2.46 million. On the time of the beneath tweet by information agency Lookonchain, the whale misplaced $541,000 and counting. 

With fashionable memecoin reminiscent of Dogecoin, the value was typically indicative of the actions of Tesla CEO Elon Musk. For instance, when Musk introduced that Tesla was accepting DOGE as cost, the value shot up 35.7%. With the value primarily based on nothing concrete, DOGE and different memecoins reminiscent of SHIB or PEPE are akin to playing. Binance’s CEO Changpeng “CZ” Zhao adopted up the sudden PEPE worth breakout with some useful buying and selling recommendation:

With PEPE’s present worth of $0.00000211, at the time of writing and a market cap of $874,128,193, PEPE nonetheless has a major following and is anticipated to expertise the same old excessive and lows regular for a “token [that] has no utility and it’s created by an nameless workforce,” in response to the Binance report.

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