Some large holders of the memecoin Pepe realized losses today while selling large batches of the token.
One Ethereum address, 0x4614, sold 375.8 billion Pepe tokens worth $439,690 roughly two hours ago. According to on-chain analysis account Lookonchain, this sale incurred a loss of 76 ether ($142,000). Before that, another Ethereum address, 0x6544, sold 257.9 billion tokens worth $306,000 for a loss of $35,000.
Additionally — though sending tokens to a centralized exchange doesn't necessarily signal an intent to sell — another Pepe whale deposited over 649 billion tokens worth over $760,000 to Binance roughly two hours ago.
The price of Pepe is down 8.33% over the past 24 hours, according to CoinMarketCap. Today's price declines follow a month-long rout, which has seen the memecoin decline in value by nearly 70%.
The Pepe token's website previously stated that it "is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only."
Memecoins in decline
The price of the popular frog-themed meme token is not the only thing in decline; a decreased interest in memecoin trading on decentralized exchanges has coincided with a reduction in average Ethereum transaction fees.
In May, the hype surrounding memecoins pushed The Block's DEX to CEX ratio to an all-time high of more than 20% — a metric that has since cooled off and fallen back underneath 15%.
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