Blockchain analytical firm Santiment reported that PEPE traders were converting their profits into Ethereum.

Pepe’s (PEPE) market cap dropped below $1 billion in the early hours of today’s trading after the meme coin fell nearly 100 percent from its all-time high.

During the most recent 24 hours, PEPE diminished by over 15% to exchange at $0.000002187 as of press time.

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Pepe market cap shed over $300 million as investors take profit

During the reporting period, PEPE’s market cap decreased by more than $300 million, falling as low as $840 million from $1.21 billion.

The meme coin printed a number of millionaires during its peak bull run, which may now be profiting.

According to Santiment, a blockchain analysis company, PEPE traders were transferring their profits into Ethereum. The company claims that this is why active deposits on the network reached over 20,000 on May 5, an 18-month high.

Whales dump PEPE

Lookonchain, a blockchain sleuth, reported on May 5 that a whale sent 4.23 trillion PEPE tokens to Binance with 422 ETH and 200,000 USDC. The whale’s profit was estimated to be around $14.5 million at the time.

Master Ventures, another whale, sold all of its holdings earlier today for $770,000, earning approximately $470,000. Additionally, the whale made a profit of $44,000 by selling other meme coins it owned, such as WOJAK and SPONGE.

In the meantime, four whales who purchased 8.7 trillion PEPE as soon as it was listed on Binance are still holding. Lookonchain claims that the gains made by the whales have increased by more than 100,000 times.