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.
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 al
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Author: Jamie Redman
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