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Whale Loses $3.5 Million on PEPE: What Happened?
Gamza Khanzadaev
Major Crypto Investor Suffers $3.5 Million Loss on PEPE Tokens
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A recent report from blockchain analytics firm Perfect chain revealed a significant loss for a major cryptocurrency investor with a significant amount of Pepper Coin (PEPE)The investor, dubbed a “whale” due to the size of his investments, has deposited 519 billion PEPE tokens, worth approximately $5.11 million, on Binance.
The exact reasons for the sale are unclear, but records suggest the investor suffered a loss of about $207,000, a 3.9% decline from his initial investment. PEPPER 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 from Spot On Chain suggests that the investor may be facing further financial difficulties. The report highlighted unrealized losses totaling $6.68 million across other cryptocurrency holdings, including AAVE and YFI.
Source: Perfect chain
Meanwhile, the popular meme token “frog” continues to trade at $0.0000092 per Pepper CoinSince the beginning of this week, the digital asset has lost more than 23% and, at its peak, 36%: prices like this have not been seen since the beginning of May, two months ago.
What fate 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.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.