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

A recent report from blockchain analytics firm Spot On Chain has revealed a significant loss for a major cryptocurrency investor with a significant amount of Pepe Coin (PEPE). The investor, referred to as a “whale” due to the size of his holdings, deposited 519 billion PEPE tokens, valued at approximately $5.11 million, on Binance.

The exact reasons for the sale are not clear, but the data suggests that the investor suffered a loss of approximately $207,000, a 3.9% decline on their initial investment. The PEPE tokens were purchased before the cryptocurrency hit its all-time high in late May. Had the whale sold during that peak, they could have made a potential profit of $3.47 million.

Further analysis by Spot On Chain suggests that the investor may be facing additional financial difficulties. The report highlighted unrealized losses totaling $6.68 million on other cryptocurrency holdings, including AAVE and YFI.

Meanwhile, the popular “frog” meme token continues to be quoted at $0.0000092 per Pepe Coin. Since the beginning of this week, the digital asset has lost more than 23%, and at the peak, all 36% — such prices have not been seen since the beginning of May, two months ago.

What fate further awaits the “frog” meme token is an open question. However, there seems to be no hope for at least one major player when it comes to PEPE.

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