Meme Token PEPE’s Market Cap Plunges Below $1 Billion Mark Amidst Market Decline

0 0

Meme Token PEPE's Market Cap Plunges Below $1 Billion Mark Amidst Market Decline

knife

The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against the dollar, with the top six prominent meme tokens enduring losses within 24 hours.

PEPE‘s Meteoric Rise Hits a Roadblock with 12% Decline

Numerous investors reaped significant rewards from the surging PEPE meme token market; however, its worth has diminished from its all-time high (ATH). Just four days prior, on May 5, PEPE reached a pinnacle price of $0.00000431 per unit, but has since plunged over 50% from that position. Presently, its market valuation rests below $1 billion at $790 million, whereas on May 5, it ascended to an ATH of $1.8 billion.

Meme Token PEPE's Market Cap Plunges Below $1 Billion Mark Amidst Market Decline

Despite the devaluation, PEPE has still managed to soar by 3,456% since its all-time low on April 18, set only 22 days earlier at $0.000000055142 per unit. Additionally, the meme coin has gained over 500% in the past two weeks when compared to the U.S. dollar. Yet since May 5, gains have eluded PEPE’s grasp. Nevertheless, PEPE boasts $804 million in global trade volume within a day—ranking eighth among total crypto trade volumes.

Shifts have also occurred in PEPE’s rich list as larger whales aggregate the meme coin’s supply. Currently, there are 106,430 PEPE holders, with the top ten wallets grasping 34.07% of all existing PEPE tokens. Among these leading holders are five exchanges—including Binance and Okx—owning the most extensive caches of PEPE relative to exchanges. The top 100 wealthiest PEPE addresses claim over 54% of the entire supply.

In general, aside from PEPE, the meme coin market has been trailing a downward trajectory in conjunction with the broader crypto economy. Over the past day, the meme coin sector has shed 7% of its value, with DOGE, SHIB, PEPE, FLOKI, and BABYDOGE all experiencing declines. In contrast, meme token turbo (TURBO), Tamadoge (TAMA), and shih tzu (SHIH) have grown 43.1%, 18%, and 13% respectively against the greenback in the previous 24 hours.

What are your thoughts on the recent volatility in the meme coin market and the decline of PEPE token’s value? Share your opinions and insights in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,024.24
ethereum
Ethereum (ETH) $ 1,887.57
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.96
usd-coin
USD Coin (USDC) $ 0.999812
xrp
XRP (XRP) $ 0.519334
staked-ether
Lido Staked Ether (STETH) $ 1,887.15
cardano
Cardano (ADA) $ 0.375424
dogecoin
Dogecoin (DOGE) $ 0.072054
solana
Solana (SOL) $ 21.13
matic-network
Polygon (MATIC) $ 0.901104
litecoin
Litecoin (LTC) $ 94.49
tron
TRON (TRX) $ 0.076283
polkadot
Polkadot (DOT) $ 5.23
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.43
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,055.25
uniswap
Uniswap (UNI) $ 5.05
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.38
cosmos
Cosmos Hub (ATOM) $ 10.59
okb
OKB (OKB) $ 46.13
monero
Monero (XMR) $ 145.56
the-open-network
Toncoin (TON) $ 1.74
ethereum-classic
Ethereum Classic (ETC) $ 18.04
stellar
Stellar (XLM) $ 0.091938
bitcoin-cash
Bitcoin Cash (BCH) $ 113.97
filecoin
Filecoin (FIL) $ 4.90
internet-computer
Internet Computer (ICP) $ 4.79
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.30
aptos
Aptos (APT) $ 9.02
quant-network
Quant (QNT) $ 118.86
hedera-hashgraph
Hedera (HBAR) $ 0.050551
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059311
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.019871
the-graph
The Graph (GRT) $ 0.131239
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.151325
the-sandbox
The Sandbox (SAND) $ 0.56138
paxos-standard
Pax Dollar (USDP) $ 0.999948
frax
Frax (FRAX) $ 0.997903
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.903682
elrond-erd-2
MultiversX (EGLD) $ 37.70
rocket-pool
Rocket Pool (RPL) $ 49.27
render-token
Render (RNDR) $ 2.60
optimism
Optimism (OP) $ 1.44
aave
Aave (AAVE) $ 63.93
fantom
Fantom (FTM) $ 0.32042
decentraland
Decentraland (MANA) $ 0.482782
theta-token
Theta Network (THETA) $ 0.855705
blockstack
Stacks (STX) $ 0.613084
tezos
Tezos (XTZ) $ 0.905712
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,028.05
axie-infinity
Axie Infinity (AXS) $ 7.05
immutable-x
ImmutableX (IMX) $ 0.766504
flow
Flow (FLOW) $ 0.730145
havven
Synthetix Network (SNX) $ 2.37
usdd
USDD (USDD) $ 0.999909
neo
NEO (NEO) $ 10.34
bitdao
BitDAO (BIT) $ 0.50048
gala
GALA (GALA) $ 0.030007
kucoin-shares
KuCoin (KCS) $ 7.38
whitebit
WhiteBIT Token (WBT) $ 4.89
radix
Radix (XRD) $ 0.069104
curve-dao-token
Curve DAO (CRV) $ 0.846658
bitget-token
Bitget Token (BGB) $ 0.466497
injective-protocol
Injective (INJ) $ 7.93
bitcoin-sv
Bitcoin SV (BSV) $ 32.60
gatechain-token
Gate (GT) $ 4.35
conflux-token
Conflux (CFX) $ 0.28707
maker
Maker (MKR) $ 665.75
klay-token
Klaytn (KLAY) $ 0.185891
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
bittorrent
BitTorrent (BTT) $ 0.00000058515678
iota
IOTA (MIOTA) $ 0.198582
kava
Kava (KAVA) $ 1.00
chiliz
Chiliz (CHZ) $ 0.101854
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.04701
pax-gold
PAX Gold (PAXG) $ 1,967.14
tokenize-xchange
Tokenize Xchange (TKX) $ 6.34
xdce-crowd-sale
XDC Network (XDC) $ 0.036219
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
sui
Sui (SUI) $ 0.947617
compound-ether
cETH (CETH) $ 37.97
mina-protocol
Mina Protocol (MINA) $ 0.540301
gmx
GMX (GMX) $ 55.40
tether-gold
Tether Gold (XAUT) $ 1,962.35
huobi-token
Huobi (HT) $ 2.95
dash
Dash (DASH) $ 42.36
frax-share
Frax Share (FXS) $ 6.61
ecash
eCash (XEC) $ 0.000025
trust-wallet-token
Trust Wallet (TWT) $ 1.07
frax-ether
Frax Ether (FRXETH) $ 1,886.72