Pepe fell for a second day on Sunday as the crypto token styled on the Pepe the Frog cartoon meme left at least one investor sitting on paper losses of $500,000. 

Pepe is currently trading at $0.00000259, according to Coingecko data. The price peaked at $0.00000420 on Friday, which may or may not be related to the weed-related 4:20 meme. 

The slide has left at least one large trader nursing paper losses. The data firm Lookonchain noted on Sunday that a so-called whale bought 962.3 billion PEPE for an average price of $0.000003122. At the current price, that trade is about $500,000 in the red. 

Memecoins take a recognisable internet meme and add an element of financial speculation. They have a long history in crypto, even if they have zero utility. While early adopters can make big profits on the way up, those who buy near the top can end up sitting on huge losses.

The losses on Saturday came as Binance, the world's biggest crypto exchange, offered clients the chance to trade the token for the first time. Binance listed the pepe memecoin despite warning that "the token has no utility and it is created by an anonymous team."

Pepe coin trading volume 

Pepe has recently exploded into the consciousness of crypto traders, with trading volume topping $250 million in 24 hours last week — exceeding that for both dogecoin and shiba inu . Those trading the token on Uniswap have burned more than $10 million in Ethereum transaction fees over the past three weeks, on-chain data show.

Even after the recent decline, the token has a market cap just over $1 billion, making it the 45th most value crypto token, according to Coingecko.