News - PEPE-whale loses half a million dollars after crash

By Mike Hesp

PEPE-whale loses half a million dollars after crash

An ambitious Memecoin-whale currently has more than $500,000 in losses after investing in nearly a trillion PEPE.

On-chain data shows that a crypto-whale on May 5 was as much as 962 billion tokens of the currently hyped Memecoin PEPE purchased. The value of these tokens at the time of purchase was about $2.46 million. 470 ETH and 70 packaged bitcoin (WBTC) is what the anonymous trader exchanged for the purchase.

Shortly thereafter, the PEPE Price however, fell sharply, likely causing the whale to regret its investment. The correction caused a loss of more than $600,000 for the whale. At least on paper, because the hapless whale is still holding on to his investment. It remains to be seen if he will ever make a profit again.

Memecoins such as PEPE are extremely volatile. Buyers and sellers often behave extremely irrationally, making price movements barely predictable. An investment in these coins is more or less like playing the lottery.

On the other hand, one lucky investor became a multimillionaire in just over two weeks with his purchase of just 251 dollar.

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