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Over the past two days, Pepe Memecoin has experienced a decline, potentially causing losses of up to $500,000 for a single investor. According to Coingecko, Pepe is currently trading at $0.00000257. Last Friday, it reached its highest value of $0.00000420, but the reason for its sudden spike remains a mystery.
Unfortunately, the downturn has raised concerns for Pepe investors, especially for one major investor referred to as a whale. Lookonchain has reported that the whale invested 962 billion PEPE at an average cost of $0.00000312. Two days later, the investment has declined rapidly by about $500,000.
Memecoins have been popular in the cryptocurrency sphere, thanks to their combination of well-known internet memes with financial speculation, even though they lack practical application. Although early investors can gain substantial rewards, purchasing close to the peak can lead to substantial losses.
Binance, the world's largest cryptocurrency exchange, recently allowed trading of Pepe tokens, but this move was highly cautious, with the exchange listing the token with the warning that it is "created by an anonymous team" and that "the token has no utility." Nevertheless, the exchange still went ahead to list Pepecoin.
In recent times, Pepe has gained immense attention from cryptocurrency traders worldwide, boasting of a 24-hour trading volume exceeding $250 million last week, outpacing both Dogecoin and Shiba Inu combined. Over the last three weeks, on-chain data shows that people trading Pepe on Uniswap spent over $10 million on Ethereum transaction fees.
Despite the recent downtrend, Pepe's market capitalization is still above $1 billion, making it the 45th most-valued cryptocurrency, according to Coingecko. PEPE was regarded as one of the better-performing tokens compared to other meme-based tokens in less than a month. However, the coin does not have a specific real use case other than zero transaction fees.
