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

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline  0

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 Plunges Below $1 Billion Mark Amidst Market Decline1

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.

Tags in this story 7% loss, All time high, all-time low, ATH, below $1 billion, Crypto, Devaluation, Gains, Investors, market decline, meme coin sector, Meme PEPE, Meme Token, pepe, prominent meme tokens, surging market, trade volume, U.S. dollar, valuation, Whales

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.

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline  2 Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for News about the disruptive protocols emerging today.

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline  3 Biggest Movers: XRP, SOL Move 5% Lower to Start the Week MARKET UPDATES | 1 day ago Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline  4 Bitcoin, Ethereum Technical Analysis: BTC Extends Declines, as Markets Continue to React to Nonfarm Payrolls MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Bitcoin Community Divided: Scaling Challenges Trigger Intense Debate as Mempool Overflows

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline  5

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.

SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Fed’s Bullard Wants to Raise Bank Rate to 3.5% by Year’s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether


Updated: 05/09/2023 — 14:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme