A joke-themed cryptocurrency that has been on the agenda of the crypto community lately. PEPEbrought great profits to its investors in the short term. Listed on the Gate exchange on April 19, the altcoin has gained 3200% from its trade opening price.
A crypto analyst tried to explain the situation as investors were worried about the meme token, which fell 37% after Monday’s peak of .15. Researcher Xin Yi, who works at blockchain data tracker Nansen, found that the PEPE coin does not have sufficient liquidity.
“Investors who buy a cryptocurrency in its infancy are followed by the other audience. The sale by the big profit-making investors then causes the small ones to panic as well. The very high amount of PEPE in the hands of early investors causes liquidity problems.”
According to Xin Yi, some whales have sold more than $1 million in meme tokens per wallet in the past 24 hours. PEPE’s market cap was $582 million on Tuesday, down $180 million in just one day.
As in all markets, investors should be careful against altcoins that bring high profits in a short time in crypto. In financial markets, if one party wins, the other party definitely loses.
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