Traders with the most purchases on Pepecoin continue to sell their PEPE tokens. The development shows that the meme coin craze experienced in recent weeks has subsided. Data from crypto news company Nansen shows that “smart money” wallets, or crypto accounts known for profitable transactions, have sold $3 million in PEPE in the past 24 hours. According to the data, the total amount of PEPE found in smart money wallets has halved since the last weeks of April.
PEPE, a token based on the “Pepe the Frog” meme, has been popular since its launch about a month ago. The token reached a market cap of $1.8 million in just a few weeks, and some early investors made millions of dollars in profits. This week, Coinmarketcap data shows that since May 5, the token price has dropped by 66 percent and its market cap is below $600 million.
Information from the blockchain shows that three major PEPE investors made bulk token purchases during the price drop, which could signal an increase. Still, the number of tokens held by smart money wallets is declining rapidly, and some investors say they see no signs of a jump. At the same time, according to Nansen data, there were more than 13.5 trillion PEPEs in smart money wallets at the end of April, while there are currently 6.9 trillion tokens. The number of accounts decreased from 135 on May 4 to 111 today.
One of the investors leaving PEPE is the crypto trader with the username “vxv.eth”. The data shows that the wallet has accumulated 1.3 trillion tokens since making its first purchase on April 17. However, the account appears to have transferred $2.1 million worth of PEPE stash to Gemini and UniSwap exchanges.