The richer part of the crypto market seems to be buying up huge amounts of Pepe (PEPE) right now, after the price of the memecoin has fallen like a brick. We all know this, of course, thanks to blockchain technology, which makes it possible to monitor investor behavior on the blockchain.
The analytics company Loononchain managed to spot three whales who bought more than 2 trillion PEPE. All told, they paid more than $4 million for it.
Small drop
At the time of writing, PEPE is trading down 5.59 percent over the past hour. It is 32.54 percent down over the past 24 hours and for the last seven days there is even a drop of 40.57 percent on the signs. In that respect, we can safely say that the hype surrounding PEPE has at least disappeared for a while.
The market cap of the project still stands at an impressive $443 million, which is of course huge for a currency that has no fundamental value. It seems that PEPE is also currently affected by the general malaise of the market.
Since the new inflation data from the United States, the market is not doing well. Inflation remains sticky and that is not a good sign for the market. This means that there is a good chance that the Federal Reserve will have to keep interest rates at the elevated level for a long time to come.
All time high
Strangely enough, a week ago it was all about PEPE. On May 5, the project reached its provisional all-time high with a price of $ 0.00000431. It is now at $0.000001131 and has fallen quite far from that level. You have to multiply the current price about four times to reach the all-time high again.
People who have stepped in at that point will be quite disappointed by the declines of the memecoin in that regard. If you haven’t joined, let it be a lesson that coins like PEPE are not a means to get rich quickly.
The chance is much greater that you will lose hard on this and that has now become painfully clear to a lot of people. Although there is of course always a chance that the coin will start a revival again, although that chance is extremely unpredictable in the case of a memecoin like PEPE.
