As the meme coin mania cools, traders and investors are withdrawing the amount of Pepecoin held in their wallets. Crypto intelligence firm Nansen reported that “smart money” wallets held by individuals and institutions have decreased their Pepecoin(PEPE) holdings by $3 million in the last 24 hours. This is nearly half the amount held near the end of April.

PEPE, a token based on the "Pepe the Frog" meme, experienced an unexpected surge in popularity and price just a month after its launch. The token rapidly grew to a market capitalization of $1.8 billion last Friday. This caused some early traders to become millionaires.

Sadly, the price has dropped 66% since its all-time high on May 5th and its market cap dropped to less than $600 million. Despite this, the number of tokens held by smart money investors continue to decrease, signifying that these top-performing traders are not hopeful for a price bump any time soon.

When checked in April, smart money balances were saturated at 6.9 trillion PEPE, which has since gone to 111 from an all-time high of 135.

An instance of an early investor that appears to have stumbled out of their PEPE position is the pseudonymous crypto trader referred to as “vxv.eth”. According to Nansen data, the account collected 1.3 trillion tokens since its initial purchase on April 17. Early Thursday, the account offloaded its PEPE allotment worth of $2.1 million to crypto exchanges Gemini and UniSwap, completely removing itself from its position.

As a result, it can be seen that the last few weeks of meme coin mania is cooling off. Whether this trend will continue and the prices will remain this low or not still remains unknown.



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