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Whale Loses $3.5 Million on PEPE: What’s Happened?

Sun, 7/07/2024 – 13:18

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A recent report from blockchain analytics firm Spot On Chain has revealed a significant loss for a major cryptocurrency investor with a significant amount of Pepe Coin (PEPE). The investor, referred to as a “whale” due to the size of his holdings, deposited 519 billion PEPE tokens, valued at approximately $5.11 million, on Binance.

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The exact reasons for the sale are not clear, but the data suggests that the investor suffered a loss of approximately $207,000, a 3.9% decline on their initial investment. The PEPE tokens were purchased before the cryptocurrency hit its all-time high in late May. Had the whale sold during that peak, they could have made a potential profit of $3.47 million.

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Further analysis by Spot On Chain suggests that the investor may be facing additional financial difficulties. The report highlighted unrealized losses totaling $6.68 million on other cryptocurrency holdings, including AAVE and YFI.

Source: Spot On Chain

Meanwhile, the popular “frog” meme token continues to be quoted at $0.0000092 per Pepe Coin. Since the beginning of this week, the digital asset has lost more than 23%, and at the peak, all 36% — such prices have not been seen since the beginning of May, two months ago.

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What fate further awaits the “frog” meme token is an open question. However, there seems to be no hope for at least one major player when it comes to PEPE.

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