Pepe’s market cap below $1 billion – Trending meme coin Pepe (PEPE) saw a dip in its market cap after investors withdrew their profits. During the early hours of May 8, the market cap of the coin dropped below $1 billion. Pepe’s price has decreased by over 24% in the last 24 hours as a result.
Pepe (PEPE) market cap loses more than $300 million
Recall that Pepe (PEPE) had been in the news for the right reasons as its market cap crossed $1 billion a few days ago. However, the market cap dropped as low as $827 million at the time of writing. This means that it has lost over $300M from its previous $1.2 billion.
It was reported that during its price surge, several people made profits in the millions, and they might now be cashing out their ROI. According to Santiment, a blockchain analytical firm, PEPE investors were withdrawing profits and converting them into Ethereum (ETH).
The firm further reported that active deposits on the Ethereum network reached over 20,000 on May 5, making it its 18-month high. See the screenshot below:
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Source: Santiment
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Whales sell off PEPE and other meme coins
Lookonchain, a blockchain investigator reported earlier today that Master Ventures sold off its meme coin holdings including PEPE, WOJAK, and SPONGE. It was reported that the whale sold its 352B PEPE holdings for $770K at $0.000002185 each and made a profit of $470K.
Similarly, it sold off 423M WOJAK for $194K USDT at $0.0004597 each and made $34K in profit. In addition, 15M worth of SPONGE was sold off for $15,663 USDT at $0.001048 each and made $10K in profit.
Master Ventures sold all $PEPE, $WOJAK, and $SPONGE 30 mins ago.
– Sold 352B $PEPE for 770K $USDT at $0.000002185, made ~$470K.
– Sold 423M $WOJAK for 194K $USDT at $0.0004597, made ~$34K.
– Sold 15M $SPONGE for 15,663 $USDT at $0.001048, made ~$10K.https://t.co/pUoAATjr29 pic.twitter.com/mAb35dxYJ9
— Lookonchain (@lookonchain) May 8, 2023
Recall that on May 5, Lookonchain also reported that a whale bought 4.23 trillion worth of PEPE with 422 ETH and 200,000 USDC and sent it to Binance. This whale’s profit was estimated to be around $14 million.
Also, following Pepe’s listing on Binance, four whales who might be probably the same person, bought around 8.7 trillion PEPE and are still holding. Lookonchain also reported today that the profits on these investments are now over 133,095x times in gains.
4 whales (probably the same person) bought $PEPE within 3 minutes after $PEPE was listed and have not sold until now.
He bought a total of 8.77T $PEPE ($22.15M currently) with 0.08 $ETH ($166), 133,095x in gains.
Follow to see when he sells.👇 pic.twitter.com/sbVuaEcIBc
— Lookonchain (@lookonchain) May 8, 2023
PEPE price today
According to data from CoinMarketCap, the price of PEPE is currently $0.000002 USD. It has a 24-hour trading volume of $908,815,882 USD. PEPE is currently ranked #52 on the CoinMarketCap chart with a market cap of $815,945,435 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.