{"id":139102,"date":"2023-05-12T07:39:37","date_gmt":"2023-05-12T07:39:37","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=139102"},"modified":"2023-09-04T17:23:47","modified_gmt":"2023-09-04T17:23:47","slug":"no-more-trendy-pepe-memecoin-plummets","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/no-more-trendy-pepe-memecoin-plummets\/","title":{"rendered":"No more trendy? Pepe memecoin plummets"},"content":{"rendered":"

The rapid rise of Pepe memecoin<\/a> (PEPE) to a market cap of over $1 billion,<\/strong> and the subsequent dramatic decline<\/a> to below $500 million in a matter of days are examples of how unpredictable the world of cryptocurrencies<\/a> can be.<\/p>\n

PEPE is a joke digital currency that has recently garnered traction in the crypto industry<\/strong>. Meanwhile, according to the coin’s own official website<\/a>, it is useless and lacks any real-world use.<\/strong><\/p>\n

Despite the token’s lack of potential utility, its price rose dramatically, propelling the frog-themed memecoin to rank among the top 100 cryptocurrencies in the cryptocurrency market<\/strong>.<\/p>\n

However, after falling by almost 50% from its all-time high (ATH) of $0.00000431 to its current price of $0.0000012, investors and traders are wondering about\u00a0this meme coin’s likely next step of movement.<\/p>\n

Why is Pepe memecoin (PEPE) falling?<\/h2>\n

This week has been a disaster for the new PEPE meme coin. PEPE’s market cap<\/a> has lost a staggering $500 million in the last 4 days after falling by more than 32% in the last 24 hours<\/strong>. Meanwhile, its trading volume has increased by 155% in the last 24 hours, signaling a rapid sell-off by investors.<\/p>\n

The huge drop in PEPE’s price follows an extraordinary run last week when the token surged by several hundred percent and made many people overnight millionaires.<\/p>\n

\"Why<\/p>\n

However, those who made millions from the PEPE purchases are fleeing. Per reports, many whales holding trillions of PEPE have cashed out significant sums<\/strong>, adding to the token’s recent selling pressure.<\/p>\n

Binance, Gemini, and other popular centralized crypto\u00a0exchanges also listed the token, propelling Ethereum deposits to highs not seen since November 2021<\/strong>. The crypto market analytics firm Santiment asserted that this was mostly because early PEPE investors secured profits by converting their holdings back into Ether.<\/p>\n

However, despite this setback, it’s worth noting that some of the larger investors, often referred to as “whales,”<\/em> have not yet sold off their holdings<\/strong>. This could suggest that these investors believe in the long-term potential of PEPE and are willing to weather the current market conditions in hopes of realizing greater profits in the future.<\/p>\n

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This guy bought 4.42T $LADYS<\/a>($582K currently) with 299 $ETH<\/a>($547K) and 90B $PEPE<\/a>($147K).<\/p>\n

His average buying price is $0.0000001569 and is currently in a floating loss.https:\/\/t.co\/V7OQLbcbBo<\/a> pic.twitter.com\/t5Cg5svRFD<\/a><\/p>\n

— Lookonchain (@lookonchain) May 11, 2023<\/a><\/p><\/blockquote>\n