Meme coin pepe sees tremendous losses in price valuation ahead of the ongoing wrangle between Binance and the SEC that has provoked FUD and investor panic.

Pepe has seen a 16% drop in price valuation within 24 hours, trading at $0.000001. The meme coin’s market cap stood at $396.3 million. Trading volume stood at $190.8 million during press time.

Large pepe holders selling for losses

Recent sales of large sums of pepe meme currency by major holders have resulted in losses for such investors.

Notably, a single 0x4614 ethereum address lost 76 ether (about $142,000) after selling 375,8 billion Pepe tokens for $439,690.

The 0x6544 Ethereum address lost $35,000 after selling 257.9 billion coins valued $306,000. These massive trades reflect the losses these prominent pepe token holders have sustained.

More than 649 billion pepe tokens, worth over $760,000, were deposited by a whale on Binance.