PEPE Token Continues Downward Spiral, Registers 60% Drop from All-Time High
The value of pepe (PEPE), a meme-based cryptocurrency, has continued its downward trend over the last five days, experiencing a 14.9% decline against the U.S. dollar. Since May 5, PEPE has seen a staggering 60% drop in value from its all-time high, resulting in a market capitalization of just $680 million as of May 11.
Despite its position as the third-largest meme token in terms of market capitalization, PEPE has been facing stiff competition from rival meme tokens like WOJAK, TURBO, and LADYS, which have gained significant attention in the last two weeks. For instance, milady meme coin (LADYS) saw a 3,520% surge within just one day, while the value of meme currency turbo (TURBO) climbed an impressive 64% during the past week.
As a result of these gains by rival meme tokens, the overall meme token market has experienced a mild decline of 2.9%, settling at a total of $17.2 billion. It remains to be seen whether PEPE will recover from its recent decline or face further challenges from these rivals in the future.
There is some speculation that whales might snap up more PEPE during this dip, but the supply held by the top ten holders has decreased slightly from 34.07% on May 8 to 33.93% currently. Conversely, the top 100 PEPE holders increased their holdings from 54% on May 8 to a current figure of 56.15%. Additionally, the number of PEPE holders has swelled from 106,430 to a current tally of 107,617.
While PEPE has lost 60% of its value since hitting its record high on May 5, it still boasts an impressive increase of 2,825% from its April 18 low point. Furthermore, its price remains up by a slight 2.3% within the last week, although its figures have halved since May 8, now hovering at around $417 million in global trade volume.
In conclusion, the future of PEPE token remains uncertain as it struggles to compete against the growing popularity of rival meme tokens. It is worth noting that the cryptocurrency market is highly volatile, and fortunes can change rapidly in this space. Only time will tell whether PEPE can recover its market share and compete with the best in the market.