$PEPE exploded more than 3,000% after it launched in early May, outshining even well-established meme coins like Dogecoin and Shiba Inu for a short while.
However, the hype over $PEPE faded fast. Since reaching an all-time high of $0.0000042 on May 5, $PEPE has fallen by nearly 70% to just $0.00000136. In the last seven days alone, $PEPE fell an additional 9%.
Now, traders are wondering what’s in store for $PEPE—were they left holding the bag or does this meme coin have another pump coming?
At the same time, trading in meme coins remains incredibly strong. A new meme coin, Wall Street Memes ($WSM) has raised over $2.2m through its presale in just 5 days. Many meme coin traders are pointing to $WSM as the next token to explode.
$PEPE Price Stagnates, Will it Keep Falling?
Unfortunately for traders still holding $PEPE, this explosive meme coin looks to have run out of gas.
The price has been steadily sliding for three weeks and trading volume has dropped below $100 million, according to CoinMarketCap. At the peak of trading in early May, $PEPE saw more than $3 billion in trading volume.
The token’s 9% decline this week accentuates the problem facing $PEPE. The token has no utility and the hype has moved onto other tokens. Without steady demand, there’s little to prop up the price of $PEPE.
Nor are analysts seeing any bullish catalysts on the horizon. $PEPE has already listed on top exchanges like Binance and OKX, so there are few
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Author: BeInCrypto Team
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