"Many people buy because they like it, that's why the PEPE hype fades over time."
The previously popular Pepecoin (PEPE) has now experienced a price plunge over the past week when whales reportedly sold their entire holdings in the digital asset of 972.84 billion worth $848,000.
Through observation, address 0x1497 sold a large amount of PEPE when the price was at $0.0000008718, therefore some individuals began to question whether the seller was involved in insider trading.
After investigating further, the address was found to have received 0.58 Ethereum (ETH) from FixedFloat then used around 0.027 ETH worth $58 to buy 2.27 trillion PEPE in just 10 minutes.
In addition, other whales were informed that they faced a huge loss of 52% while trading PEPE in the last five days after selling over 465.5 billion of the memecoin to get $190,000.
It is to be noted that the price of PEPE which rose steadily at the end of April this year has skyrocketed on May 5, 2023 when the cryptocurrency exchange Binance listed the memecoin on its platform.
However, the sale of the PEPE token by whales recently has caused the sentiment surrounding the memecoin to become increasingly negative and investors are no longer interested in buying it following its gradually declining performance.
As of this writing, PEPE price plunged by 7.93% to $0.00000085 in the last 24 hours with a market capitalization of $330 million further recording a 22.84% decline over the last week.
