PEPE price crashes 65% in two weeks as top whales take profits — More pain ahead?
Top Pepe mania profiteers have dumped their PEPE tokens en masse, suggesting declining holding interest among whales. Earlier in May, the market capitalization of Pepecoin (PEPE) — a cryptocurrency inspired by the popular internet meme Pepe the Frog — had soared to $1.8 billion. Two weeks later, the PEPE market cap has come crash ing down to roughly $665 million, a 65% decline. Let’s look at the reasons why. PEPE market capitalization since April. Source: CoinGecko Pepe mania winners dump PEPE whales appear to have been primarily responsible for the price drop, according to data tracked by Wuligy, an on-chain analyst at Dune Analytics. Notably, the top fifteen addresses with the highest earnings and returns, and those holding a significant amount of PEPE tokens around its market peak have dumped most of their holdings in recent weeks. Some whales have even sold 100% of their PEPE reserves during the crash, as shown below. Top 15 Pepe addresses with highest earnings and returns. Sou...