In early May, the market capitalization of Pepe (PEPE) skyrocketed to $1.8 billion after being listed by Binance. However, at the moment, PEPE's market capitalization has dropped to $665 million, down 65%.
According to data tracked by Wuligy, an online analyst at Dune Analytics, the main cause of PEPE's drop in life is that whales holding PEPE have taken profit-taking actions.
Notably, the top 15 most profitable addresses have dumped most of their PEPE holdings in recent weeks.
Some whales have even sold their 100% PEPE as pictured below.
At the same time, PEPE's trading volume dropped significantly from its respective peak on May 5, indicating a decrease in PEPE trading activity by whales.
However, there is one notable detail that the number of holders of PEPE has increased. As of now, the number of holders of this popular meme is up to 115,000, according to data from Etherscan.