Crypto Whale Suffers $500,000 Loss As PEPE Price Plummets

Samuel Edyme

2 years ago

3 mins read

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Unsurprisingly, the recently hyped frog-themed meme coin PEPE is now beginning to suffer a price decline, impacting late investors negatively. According to LookOnChain’s recent report, a large investor or whale who purchased a large amount of the token amid its rally has now suffered a huge loss.

This loss follows the memecoin ongoing downtrend after the recent rally, which seemed to be never-ending. PEPE experienced a significant spike during its rally, up by more than 3,000% from its all-time low. This spike resulted from the growing interest and hype for the frog-themed token.

Taking A Huge Hit

On May 7, popular on-chain analyst LookOnChain reported that a notable investor of PEPE, who bought approximately 962.3 billion of $PEPE worth $2.46M at the time, had lost $541,000. According to LookOnChain, the whale bought the token “with 70 $WBTC ($2.07M) and 470 $ETH ($937,000) at an average buying price of $0.000003122.”

This purchase was during PEPE’s hype when the token traded in the green. At the time of writing, the token currently trades at $0.00000188, bringing the whale’s total loss to roughly $607,000.

Notably, while some whales recorded losses in their PEPE investment, other investors made huge profits from their purchases. As recently reported by NewsBTC, a PEPE wallet holding 2.5 trillion tokens reportedly turned $27 into over $4 million.

It’s crucial to recognize that some investors made a profit while others experienced losses with PEPE. Latecomers suffered losses, while early adopters who bought the token before its widespread popularity profited.

Aftermath Of The PEPE Rally

It is no more news PEPE recorded huge gains in the past week due to significant hype from the crypto community. Despite the token not having any potential utility, the frog-themed memecoin enjoyed a remarkable spike pushing it to appear among the top 100 cryptocurrencies in the crypto market.

Aside from the hype, several other factors, including listing on major crypto exchanges such as Binance, contributed to the token’s massive surge. However, following the spike and the dying down of the hype of the token, PEPE has begun to see a major retracement.

PEPE price chart on TradingView — PEPE price is moving sideways on the 30-minute chart. Source: PEPE/USDT on TradingView.com

The asset is currently down 54% from its peak and has declined by over 10% in the past 24 hours. PEPE’s market cap has recorded a huge loss of $5.2 billion in the past 4 days. Meanwhile, its trading volume has seen a significant surge indicating a violent sell-off from investors.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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