PEPE Dump, Whale Starts Out

PEPE meme coins experienced a significant decline. (Photo; Doc. Coinsurges)

The trend of meme coins is indeed a phenomenon in the crypto world, and Pepe (PEPE) has become one of the most popular digital meme coins lately. Although PEPE has the potential to provide high profits for investors, recently large token holders or whales have reportedly started to leave the market.

Meanwhile, Ethereum whales that put millions of dollars worth of ETH into PEPE are expected to consider the risks that may occur. This is because even though investing in PEPE can generate huge profits, investors are also at risk of experiencing similar losses.

According to blockchain tracker Lookonchain, one of the Ethereum whales has spent nearly $3 million to buy PEPE using Wrapped Bitcoin (WBTC) and ETH. Meanwhile, a separate entity also detected by Lookonchain holds about $14.4 million (approximately IDR 212 billion) in PEPE tokens.

During the peak price of PEPE, Lookonchain found several wallets that had made profits and then immediately left the market. SmartMoney account name, for example, bought four trillion PEPE at a cost of 2.1 ETH or 4,410 US dollars (IDR 65 million) and generated around 1.71 million US dollars (IDR 25 billion).

He then sold part of the PEPE after the price rose, so that currently it still holds 700 billion PEPE worth 808,000 US dollars (Rp 11.9 billion).

Earlier this week proved to be a disaster for PEPE's new coin meme King. Coin, named after the popular cartoon character Pepe the Frog and applied to Ethereum, fell double digits on Monday.

PEPE is currently trading for $0.00000184 per token, down more than 42 percent in the last 24 hours, according to data from CoinGecko.

The drastic drop in PEPE prices came after a remarkable increase last week when the token increased by a few hundred percent and made some people instantly millionaires.

However, it looks like the people who got millions from the PEPE trade fled. According to data from Lookonchain, some "whole" with trillions of PEPEs have disbursed a large amount, adding to the selling pressure the token recently experienced.