Pepe

<p>Pepe’s (<a href="https://cryptoslate.com/coins/pepe/">PEPE</a>) market cap fell below <a href="https://cryptoslate.com/pepe-climbs-to-new-ath-as-market-cap-approaches-1b/">$1 billion</a> during the early trading hours of today after the meme coin declined by almost 100% from its all-time high.</p>
<p>During the last 24 hours, PEPE decreased by more than 15% to trade at $0.000002187 as of press time.</p>
<h2 id="pepe-market-cap-shed-over-300-million-as-investors-take-profit">Pepe market cap shed over $300 million as investors take profit</h2>
<p>PEPE&#8217;s market cap shed over $300 million, dropping to as low as $840 million from  $1.21 billion during the reporting period.</p>
<p>During its peak bull run, the meme coin printed several <a href="https://cryptoslate.com/pepe-prints-millionaires-in-march-into-top-100-assets/">millionaires</a> who might now be taking a profit.</p>
<p>Blockchain analytical firm Santiment reported that PEPE traders were converting their profits into Ethereum. According to the firm, this was why active deposits on the network hit an 18-month high of over 20,000 on May 5.</p>
<figure id="attachment_323305" aria-describedby="caption-attachment-323305" style="width: 2560px" class="wp-caption aligncenter"><img class="wp-image-323305 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-scaled.jpg" alt="PEPE Profits" width="2560" height="1555" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-scaled.jpg 2560w, https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-300x182.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-1024x622.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-768x466.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-1536x933.jpg 1536w, https://cryptoslate.com/wp-content/uploads/2023/05/FvYjvDSakAAl-_J-2048x1244.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px" /><figcaption id="caption-attachment-323305" class="wp-caption-text">Source: Santiment</figcaption></figure>
<h2 id="whales-dump-pepe">Whales dump PEPE</h2>
<p>On May 5, blockchain sleuth Lookonchain reported that a whale that bought 4.23 trillion PEPE tokens with 422 ETH and 200,000 USDC sent it to Binance. At the time, the whale&#8217;s profit was estimated to be around $14.5 million.</p>
<p>Earlier today, another whale Master Ventures <a href="https://twitter.com/lookonchain/status/1655501773665353728?s=20">sold</a> all of its holdings for $770,000 to net a profit of around $470,000. The whale also sold other meme coins it held, like WOJAK and SPONGE, for a profit of $44,000.</p>
<p>Meanwhile, four whales who bought 8.7 trillion PEPE immediately after Binance <a href="https://cryptoslate.com/binance-listing-pushes-floki-pepe-up-more-than-50/">listed it</a> are still holding. According to Lookonchain, the whales&#8217; gains have <a href="https://twitter.com/lookonchain/status/1655448769205538821?s=20">soared</a> more than 100,000 times.</p>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/pepes-market-cap-dive-below-1b-as-investors-take-profit/">Pepe’s market cap dive below $1B as investors take profit</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Pepe’s market cap dive below $1B as investors take profit

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