PEPE Token Continues Downward Spiral, Registers 60% Drop From All-Time High

The meme-based token pepe (PEPE) has skilled a 14.9% decline towards the U.S. greenback during the last 24 hours, persevering with its downward pattern from the final 5 days. Thus far, PEPE has seen a 60% drop in worth from its all-time excessive on May 5.

Rival Meme Tokens Challenge PEPE’s Dominance as Meme Token’s Value Plummets

Despite retaining its place because the third-largest meme token by way of market capitalization, pepe (PEPE) has been shedding worth since May 5, when it hit $0.00000431 per unit. Its worth has since plummeted by 60% in USD phrases. On May 8, Bitcoin.com News noted that the digital foreign money’s market cap dwindled from $1.8 billion to $790 million.

As of May 11, PEPE’s market capitalization stands even decrease at $680 million at 11:00 a.m. Eastern Time. Over the previous day, PEPE has shed one other 14.9%, though its worth stays up by a slight 2.3% inside the final week. Furthermore, whereas it has misplaced 60% since hitting its report excessive on May 5, PEPE nonetheless boasts a powerful improve of two,825% from its April 18 low level. In relation to international commerce quantity, PEPE’s figures have halved since May 8, now hovering round $417 million over the previous day.

Rival meme tokens like WOJAK, TURBO, and LADYS have offered challenges for PEPE during the last two weeks. These newcomers have gained important consideration lately; for instance, milady meme coin (LADYS) surged by a major 3,520% inside simply at some point. The meme foreign money turbo (TURBO) additionally climbed by a powerful 64% throughout the previous week. Consequently, the general meme token economic system skilled a light decline of two.9% on Thursday, settling at a complete of $17.2 billion.

While social media buzz means that whales would possibly snap up extra PEPE throughout this dip, the availability held by the top ten holders decreased from 34.07% on May 8 to the present 33.93%. On the opposite hand, the highest 100 PEPE holders elevated their holdings from 54% on May 8 to a present determine of 56.15%. Additionally, the variety of PEPE holders has swelled from 106,430 to the present tally of 107,617.

What do you assume lies forward for pepe (PEPE) token? Will it get well from its current decline or face additional challenges from rival meme tokens? Share your ideas about this topic within the feedback part under.