Top trader withdraws from Pepecoin ── Holding balance decreased by about 400 million yen in 24 hours | coindesk JAPAN | Coindesk Japan

High-performing individual traders and institutional investors (referred to as “smart money”) have reduced their holdings of Pepecoin (PEPE) by $3 million in the last 24 hours. That’s according to data from chain analytics firm Nansen.

Compared to late April, Pepecoin held by “smart money” has nearly halved. The excitement of the past few weeks seems to be running out of steam.

Information on buying up whales

Pepecoin, a meme coin inspired by the cartoon character Pepe the Frog, has surged in popularity and become the focus of speculative traders since it debuted about a month ago. It hit a staggering $1.8 billion market cap on May 5, with some early investors earning millions of dollars on their pittances.

However, after hitting a record high on May 5, Pepecoin has fallen about 66%, with a market capitalization below $600 million, according to cryptocurrency data site CoinMarketCap.

Analysis of blockchain data revealed that three whales (major holders) were buying Pepecoin in bulk during the price drop, raising hopes that a reversal was imminent.

Top traders don’t expect a reversal

However, “smart money” holdings of Pepecoin are declining rapidly, with no sign that top traders are expecting a reversal.

“Smart money” Pepecoin holdings now stand at 6.9 trillion PEPE, down from over 13.5 trillion PEPE at the end of April, according to Nansen. The number of “smart money” wallets holding Pepecoin has dropped to 111 from a peak of 135 recorded on May 4.

An early investor, cryptocurrency trader vxv.eth, is also exiting Pepecoin.

According to Nansen data, “vxv.eth”, which had increased its holdings since April 17, when it first bought Pepecoin, once held 1.3 trillion PEPE. From there, on May 12, $2.1 million worth of Pepecoin was transferred and sold to cryptocurrency exchange Gemini and decentralized exchange (DEX) Uniswap.

Nansen

｜Translation: coindesk JAPAN
｜Editing: Rinan Hayashi
｜Image: Nansen
｜Original: ‘Smart Money’ Traders Reduce Pepecoin Holdings by $3M as Meme Coin Mania Cools