Crypto whale is down $541,000 as PEPE bulls falter

Lookonchain data shows that a crypto whale who had bought pepe coin (PEPE) worth $2.46m two days ago is down $541k as buyers struggle to sustain the price of the meme coin.

Whale scoops PEPE

Lookonchain, a web3 data analysis tool, shared information regarding the crypto whale’s acquisition of PEPE, demonstrating the level of fear of missing out (FOMO) and how traders are willing to bet big on the meme coin.

According to the data, on May 5, a whale bought 962.3b worth $2.36m distributed in 70 WBTC, valued at $2.07m; and 470 ethereum (ETH), valued at $937,000, respectively.

His entry price at the time of buying was $0.000003122. However, because of the collapse of PEPE prices over the weekend, the whale is now down $541k in the last 48 hours.

PEPE token holders decrease despite recent success

The frog-themed meme coin has been gaining popularity among cryptocurrency investors since its launch on April 14. 

Thus far, PEPE has outperformed well-known coins like bitcoin (BTC) and ethereum (ETH), rising over 1,200% in the past week.

Following the token’s debut on Binance’s Innovation Zone and derivatives exchange, the market capitalization of PEPE increased, crossing the $1 billion mark.

However, future possibilities for the token cause some worry. The number of investors eager to hold PEPE tokens had reached its lowest point.

As of May 5, there were 105,385 PEPE holders, down from the previous day, according to Etherscan data.

The number dropped slightly during the weekend.

This stagnation contrasts with the spike in the number of holders from mid-April.