• PEPE market capitalization has dropped 65% in two weeks as whales have been taking profits.
• Top 15 Pepe addresses with highest earnings and returns have dumped most of their holdings in recent weeks.
• Despite the price decline, PEPE’s daily holder count has stayed flat or even increased since April.
PEPE Price Crash
Pepecoin (PEPE) – a cryptocurrency inspired by the popular internet meme Pepe the Frog – saw its market capitalization soar to $1.8 billion earlier in May, but two weeks later, it had crashed down to roughly $665 million, a 65% decline.
Whales Take Profits
Data tracked by Wuligy from Dune Analytics showed that whales appear to have been primarily responsible for the price drop; these holders with large amounts of PEPE tokens around its peak had sold off most of their reserves in recent weeks. Meanwhile, hourly transactions and volumes for PEPE had also dropped significantly compared to its peak on May 5th.
Daily Holder Count Stable
On a brighter note, PEPEs daily holder count has remained fairly stable since April’s sharp increase from around 100 to over 100,000; currently it is hovering around 115,000 suggesting that new users are joining despite the price decline.
Declining Trading Activity
The decrease in trading activity among whales and fish alike suggests declining interest among those who profited from the ‘Pepe mania’ surge earlier this month. It is unclear whether this trend will continue or if there will be further pain ahead for Pepecoin investors.
Despite an initial surge in market capitalization and daily holder count earlier this month, the last two weeks have seen a significant decrease in both metrics due to whale profit-taking and diminishing trading activity across exchanges. The future prospects of Pepecoin remain uncertain at this time.