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Meme coin pepe sees tremendous losses in price valuation ahead of the ongoing wrangle between Binance and the SEC that has provoked FUD and investor panic.
Pepe has seen a 16% drop in price valuation within 24 hours, trading at $0.000001. The meme coin’s market cap stood at $396.3 million. Trading volume stood at $190.8 million during press time.
Large pepe holders selling for losses
Recent sales of large sums of pepe meme currency by major holders have resulted in losses for such investors.
Notably, a single 0x4614 ethereum address lost 76 ether (about $142,000) after selling 375,8 billion Pepe tokens for $439,690.
Whales/SmartMoneys are selling $PEPE.
— Lookonchain (@lookonchain) June 5, 2023
A whale deposited 649B $PEPE($761K) 1 hr ago.
0x4614 who made 1,182 $ETH($2.2M) on $PEPE sold 375.8B $PEPE($306K) at a loss of 76 $ETH($142K) 1 hr ago.
0x6544 who made $352K on $PEPE sold 257.9B $PEPE($306K) at a loss of $35K 4 hrs ago. pic.twitter.com/w8crgva6S0
The 0x6544 Ethereum address lost $35,000 after selling 257.9 billion coins valued $306,000. These massive trades reflect the losses these prominent pepe token holders have sustained.
More than 649 billion pepe tokens, worth over $760,000, were deposited by a whale on Binance.