Whale Loses $3.5 Million on PEPE: What's Happened?

Pepe Whale Loses $207,000 on Binance

Recent data from Spot On Chain, a blockchain analytics firm, reveals a substantial loss for a major Pepe Coin (PEPE) investor. The investor, dubbed a "whale" for their significant holdings, deposited 519 billion PEPE tokens on Binance, worth approximately $5.11 million.

The motivations behind the sale remain unclear. However, the data indicates that the investor lost around $207,000, representing a 3.9% decline from their initial investment. The PEPE tokens were acquired before the cryptocurrency reached its all-time high in late May. Had the whale sold at that peak, they could have potentially profited by $3.47 million.

Spot On Chain's analysis also suggests that the investor may be facing further financial difficulties. The report identified unrealized losses totaling $6.68 million on other cryptocurrency holdings like AAVE and YFI.

Meanwhile, the popular "frog" meme token trades at $0.0000092 per Pepe Coin. Since the week's beginning, the digital asset has lost over 23%. At its peak, it had a 36% loss. Such low prices have not been recorded since early May, two months ago.

The future of the PEPE meme token remains uncertain. However, the latest development suggests that at least one major player has lost faith in its potential.