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Top Traders Reduce Holdings of Pepe Coin, Suggesting Meme Coin Craze Losing Steam

Top traders are reducing their holdings of PepeCoin (PEPE), indicating a possible decline in the recent meme coin craze. Crypto intelligence firm Nansen reports that "smart money" wallets have decreased their PEPE holdings by $3 million in the past 24 hours.

The total amount of PEPE held by top traders has almost halved since late April. PEPE, a token based on the "Pepe the frog" meme, saw a surge in popularity and market capitalization, but has since dropped 66% in price. Despite some large investors buying up the token during the decline, the number of tokens held by smart money wallets continues to drop. One early investor, vxv.eth, has completely exited their position by transferring their PEPE stash worth $2.1 million to crypto exchanges Gemini and UniSwap.

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