<p><span style="font-weight: 400;">Pepe the memecoin has been all the rage in <a href="https://www.theblock.co/post/229190/memecoins-bitcoin-brc20-transactions-fees">recent days</a> after the price skyrocketed more than 250% in the last week. </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">At the same time, pepe's market capitalization surged to $582 million on Tuesday before whipsawing to $397 million on Wednesday. </span><span style="font-weight: 400;">Beyond the froth, however, there’s another story of limited liquidity and whales dumping the coin, according to Xin Yi, a research analyst at Nansen. </span></p> <p><span style="font-weight: 400;">“There are a lot of large holders who got in early and the token price has gone up a lot since then so when they take profits it tends to move the price and market capitalization significantly as people tend to follow the movement of these 'whales,’” she told The Block. “[But] liquidity is rather thin given the market capitalization.”</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">Yi points to one “whale” selling $2.2 million of Pepe but only receiving $650,000 worth of ETH “due to massive slippage.” In the last 24 hours, several other whales have also sold off more than $1 million a piece, she also said.<br /> </span><span style="font-weight: 400;"><br /> </span></p> <div id="attachment_229323"class="wp-caption aligncenter" style="max-width: 1366px;"><img class="has-caption wp-image-229323 size-full" src="https://www.tbstat.com/wp/uploads/2023/05/Screen-Shot-2023-05-03-at-12.20.34-PM.png" alt="pepe coingecko " width="1356" height="1116" /><p class="wp-caption-text"><em><span style="font-size: 8pt;">Pepe meme coin's market capitalization during last 24 hours, according to CoinGecko.</span></em></p></div><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>