In April and May, Pepe Coin, a newcomer, became popular, outshining Dogecoin and Shiba Inu in the meme coin craze. As a result of the intense demand for Pepe, its market cap reached $1 billion 19 days after inception. One early investor invested $251 and made $8 million in three weeks. Holders flocked to the markets hoping to strike it lucky like that investor, but not everyone who does so is rewarded.
As a result of continuous price fluctuations and the fading of its initial hype, Pepe Coin is currently experiencing a steady decrease. The meme currency is worthless in today’s challenging market conditions and may worsen over the next few weeks.
Related Reading: Shiba Inu PEPE Feature in May’s Most ‘Social’ Cryptocurrencies
Pepe Coin May Add Another Zero as Market Cap Declines by Half
Early in May, Pepe Coin crossed the $1 billion market cap barrier, reaching a peak of $1.5 billion that same week. But before declining in value, its market cap held stable at $1 billion for almost ten days. Its market cap has decreased from a high of $1 billion to $425 million on Tuesday. The coin is trying to add an extra “zero”; therefore, the extreme disintegration goes hand in hand with its price decline.
Currently trading at $0.00000101, the meme coin’s price could reach six “zeroes” if it experiences another downturn. Additionally, it has decreased 76.43% from the $0.00000431 all-time high it attained on May 5, 2023. Investors who entered the market amid the frenzy last month all suffered significant losses as a result. Pepe is down 13.35% in the last 24 hours
Pepe coin is down 13.35% in the last 24 hours. Source: CoinMarketcap
The hope of becoming a millionaire overnight was dashed because Pepe showed no signs of development. Pepe might fight back, but it all relies on how well the team creates memes and other viral content. One should anticipate it to continue falling until that time because memes can only sustain a certain amount of interaction.