The price of Pepe (PEPE), a new memecoin, has experienced a significant drop of more than 42% since reaching its all-time high on May 6, causing a crypto investor to face paper losses in the hundreds of thousands.

According to blockchain analytics service Lookonchain, one crypto “whale” purchased 962.3 billion Pepe tokens for an average price of $0.000003122 on May 5 using 70 Wrapped Bitcoin (WBTC) and 470 Ether (ETH).

Since the purchase, the value of PEPE has dropped by 42%, resulting in the investor’s holdings being worth only $2.4 million, which translates into an unrealized loss of over $600,000.

However, Pepe still holds a market capitalization of just over $1 billion, making it the 45th largest cryptocurrency by overall valuation.

Pepe has been the subject of considerable attention since its inception on April 14, having generated more than $636 million in trading volume within the last 24 hours.

Moreover, Pepe trading has resulted in burning more than 5,000 ETH in related gas fees via Uniswap trading as of May 5.