Pepe (PEPE), a brand-new memecoin, has seen a $1.1 billion decline in market value since its May 6 peak, but on-chain data indicates that some crypto giants are still purchasing it.
According to CoinGecko, the price of memecoin has fallen more than 56% in the previous five days, from a peak of $0.00000431 to $0.00000193.
Pepe’s overall valuation has dropped from a high of $1.82 billion on May 6 to $820 million at the time of publication due to the token’s downward price movement.
Some of the most well-known and infamous whales in the cryptocurrency sector are still buying Pepe at the lower price levels, despite the substantial decline in price over the previous week.
Data from blockchain analytics company Lookonchain shows that “Machi Big Brother,” the online alias of former tech entrepreneur Jeffrey Huang, bought a total of 73.4 ETH, or about $137,000, of Pepe in the previous four days for an average price of $0.000002082, or about 3% less than the current trading price.