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Whale Loses $3.5M on PEPE: What Went Wrong?

Release: 2024/07/08 01:46 Reading: 615

Original author:CryptosHeadlines.com

Original source:https://coinmarketcap.com/community/articles/668ad142f1d7a83f1808da7d

Whale Loses $3.5M on PEPE: What Went Wrong?

Major Cryptocurrency Investor Loses Millions with Pepe Coin

A recent report from Spot On Chain, a blockchain analytics firm, reveals a significant loss for a major cryptocurrency investor, known as a "whale," in Pepe Coin (PEPE). The investor deposited 519 billion PEPE tokens, valued at approximately $5.11 million, on Binance.

The reasons for the sale remain unclear, but data indicates a loss of around $207,000, representing a 3.9% decline from the initial investment. These PEPE tokens were acquired before the cryptocurrency reached its peak in late May. Had the investor sold at that time, they could have potentially profited by $3.47 million.

Additional Losses for Major Investor

Spot On Chain's analysis suggests the investor may face further financial challenges. The report highlights unrealized losses totaling $6.68 million on other cryptocurrency assets, including AAVE and YFI.

Decline in PEPE Token

Currently, the "frog" meme token PEPE trades at $0.0000092. Over the past week, it has plummeted over 23%, experiencing a maximum decline of 36% and reaching levels last seen in early May.

The future of the PEPE token remains uncertain, with this major investor significantly impacted by the recent downturn.

Disclaimer: This article provides informational purposes only and should not be interpreted as legal, tax, investment, financial, or any other type of advice.

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