The meme-based token pepe (PEPE) has experienced a 14.9% decline against the U.S. dollar over the last 24 hours, continuing its downward trend from the last five days. Thus far, PEPE has seen a 60% drop in value from its all-time high on May 5.
Rival Meme Tokens Challenge PEPE’s Dominance as Meme Token’s Value Plummets
Despite retaining its position as the third-largest meme token in terms of market capitalization, pepe (PEPE) has been losing value since May 5, when it hit $0.00000431 per unit. Its value has since plummeted by 60% in USD terms. On May 8, Bitcoin.com News noted that the digital currency’s market cap dwindled from $1.8 billion to $790 million.
As of May 11, PEPE’s market capitalization stands even lower at $680 million at 11:00 a.m. Eastern Time. Over the past day, PEPE has shed another 14.9%, although its price remains up by a slight 2.3% within the last week. Furthermore, while it has lost 60% since hitting its record high on May 5, PEPE still boasts an impressive increase of 2,825% from its April 18 low point. In relation to global trade volume, PEPE’s figures have halved since May 8, now hovering around $417 million over the past day.
Rival meme tokens like WOJAK, TURBO, and LADYS have presented challenges for PEPE over the last two weeks. These newcomers have gained significant attention recently; for example, milady meme coin (LADYS) surged by a significant 3,520% within just one day. The meme currency turbo (TURBO) also climbed by an impressive 64% during the past week. Consequently, the overall meme token economy experienced a mild decline of 2.9% on Thursday, settling at a total of $17.2 billion.
While social media buzz suggests that whales might snap up more PEPE during this dip, the supply held by the top ten holders decreased from 34.07% on May 8 to the current 33.93%. On the other hand, the top 100 PEPE holders increased their holdings from 54% on May 8 to a current figure of 56.15%. Additionally, the number of PEPE holders has swelled from 106,430 to the current tally of 107,617.
What do you think lies ahead for pepe (PEPE) token? Will it recover from its recent decline or face further challenges from rival meme tokens? Share your thoughts about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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. Bitcoin.com 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.