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. To this point, PEPE has seen a 60% drop in worth from its all-time excessive on Could 5.
Rival Meme Tokens Problem PEPE’s Dominance as Meme Token’s Worth Plummets
Regardless of retaining its place because the third-largest meme token when it comes to market capitalization, pepe (PEPE) has been dropping worth since Could 5, when it hit $0.00000431 per unit. Its worth has since plummeted by 60% in USD phrases. On Could 8, Bitcoin.com Information famous that the digital foreign money’s market cap dwindled from $1.8 billion to $790 million.
As of Could 11, PEPE’s market capitalization stands even decrease at $680 million at 11:00 a.m. Japanese Time. Over the previous day, PEPE has shed one other 14.9%, though its value stays up by a slight 2.3% throughout the final week. Moreover, whereas it has misplaced 60% since hitting its document excessive on Could 5, PEPE nonetheless boasts a powerful enhance of two,825% from its April 18 low level. In relation to world commerce quantity, PEPE’s figures have halved since Could 8, now hovering round $417 million over the previous day.
Rival meme tokens like WOJAK, TURBO, and LADYS have introduced challenges for PEPE during the last two weeks. These newcomers have gained vital consideration not too long ago; for instance, milady meme coin (LADYS) surged by a big 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.
Whereas social media buzz means that whales may snap up extra PEPE throughout this dip, the availability held by the high ten holders decreased from 34.07% on Could 8 to the present 33.93%. However, the highest 100 PEPE holders elevated their holdings from 54% on Could 8 to a present determine of 56.15%. Moreover, the variety of PEPE holders has swelled from 106,430 to the present tally of 107,617.
What do you suppose lies forward for pepe (PEPE) token? Will it get better from its latest decline or face additional challenges from rival meme tokens? Share your ideas about this topic within the feedback part under.
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