If DOGE and dog-themed coins like SHIB or FLOKI dominated the previous memecoin season, Pepe the Frog (PEPE) has been the center of attention recently with impressive growth. The green frog also became the 3rd largest memecoin in the market, followed by BABYDOGE and FLOKI. With that impressive achievements, the community is expecting PEPE to soon become a billion-dollar memecoin, on par with Dogecoin (DOGE) ott Shiba Inu (SHIB).
However, according to Xin Yi, an analyst at Nansen, the decline in PEPE’s market cap is due to whales taking profits. Many people bought PEPE early and the token price has skyrocketed since then. So when they take profits, there is a huge volatility in price and market cap as the community tends to follow the movement of these whales, Xin Yi said to The Block.
Yi also pointed to a whale who sold $2.2 million worth of PEPE but only received $650,000 worth of ETH due to massive slippage. Several other whales also sold off more than $1 million worth of PEPE.
Inspired by a famous meme in the crypto Twitter community, Pepe the Frog or PEPE has grown by 21,000% and recorded a trading volume of $30 million after only 3 days of launch. As of the time of writing, PEPE is still in the top 100 by market cap, but has not yet regained its peak and is trading around $0.000001295, up more than 25% over the past 24 hours.
