For the first time in more than a year, the daily median gas fee hit 90 gwei as the Pepe (PEPE) frenzy gripped the cryptocurrency market.
However, after some startling gains in a couple of weeks, Pepe (PEPE) now spends most of its time on the biggest daily losers list, and its price has dropped by more than 60%.
While things seem to be ending for Pepe (PEPE), Tradecurve, a new decentralized trading platform, is preparing for a more enormous price surge because investors have seen more prospects due to the utility the platform offers.
Pepe (PEPE) Hopped Into Instant Success
Pepe the Frog was a viral internet meme. Launching a cryptocurrency inspired by the meme with the backing from top exchanges was a recipe for instant success. Only hours after listing on Binance for Pepe (PEPE), it took hours to break into the top 100 cryptos ranked by market cap.
In the first few days of its listing on the likes of Binance, Pepe (PEPE) posted gains of more than 10,000% with an average daily trading volume of approximately $1 billion at the peak of the frenzy.
Even Frogs Have to Rest
The rally saw the price of Pepe (PEPE) shoot up from $0.00000002764 on April 17 to as high as $0.000004354 on May 5. However, things have cooled down considerably, and many investors are asking, is the Pepe (PEPE) frenzy over?
From its May 5 all-time high, the price of Pepe (PEPE) has tumbled by more than 63%, as per data from CoinMarketCap. Additionally, the daily transaction volume, which averaged over $1 billion at its peak, has plunged to $270 million over the last 24 hours. Onchain data shows that there has been a significant drop-off in the interest in Pepe (PEPE) as the frenzy comes to an end.
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Author: BeInCrypto Team
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