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 crashing down to roughly $665 million, a 65% decline. Let’s look at the reasons why.
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.