Pepe memecoin's 38% slide leaves whale nursing $500,000 paper loss

The upstart pepe token has slipped 38% from Friday's peak price, according to Coingecko data.

The slide has left at least one large trader nursing paper losses. The data firm Lookonchain noted on Sunday that a so-calledfor 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.Pepe coin trading volume

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