Crypto Whales Defy Market Slump: Despite $1.1 Billion Loss, Pepe Coin Attracts Major Players
Pepe (PEPE), a brand-new memecoin, has seen a $1.1 billion decline in market value since its May 6 peak, but on-chain data indicates that some crypto giants are still purchasing it.
According to CoinGecko, the price of memecoin has fallen more than 56% in the previous five days, from a peak of $0.00000431 to $0.00000193.
Pepe’s overall valuation has dropped from a high of $1.82 billion on May 6 to $820 million at the time of publication due to the token’s downward price movement.
Some of the most well-known and infamous whales in the cryptocurrency sector are still buying Pepe at the lower price levels, despite the substantial decline in price over the previous week.