The market cap of new memecoin Pepe has fallen $1.1 billion from its May 6 peak, though on-chain data shows it's still being bought by some crypto whales.
Over the last five days, the price of the memecoin has plummeted more than 56% falling from a peak of $0.00000431 to $0.00000193,The downward price action of Pepe has seen the token’s total valuation sinking from a peak of $1.82 billion on May 6 to $820 million at the time of publication.
Crypto market intelligence firm Santiment suggested that this was due in large part to early buyers of Pepe securing profits by transferring their holdings — which were mostly purchased by way of ETH swaps on decentralized exchanges like Uniswap and 1inch — back into Ether (
Researchers from crypto fintech firm Matrixport attributed $PEPE’s sharp decline in price to traders selling large chunks of their holdings to new retail investors following the memecoin’s listing on binance, the world’s largest crypto exchange by daily trading volume.
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