Memecoin hype appears to be fading as PEPE drops 7%
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.This new week is opening up bearish momentum for cartoonish meme coin PEPE.
The current price action of PEPE has dragged the price down by up to 63% from its all-time high price record attained back on May 5. Upon launch, PEPE quickly became a sensation in the crypto world with its market capitalization, despite its current bearish actions now being pegged at more than $620 million.
When PEPE went live, early backers saw their personal holdings in the token soar to millions of dollars, a trend that many other succeeding meme coins hoped to achieve with proliferation reaching a new peak.State of meme coin's popularity If more of the established meme coins like Shiba Inu , Dogecoin and Floki inu were profiled by their current price action, we could deduce that the popularity of meme coins is slowing down., Shiba Inu has slumped as much as 0.65% in the week-to-date period. Though the growth of these two bigger tokens shows that stability comes with years of existence, other PEPE-modeled successors have continued on a spiral downward.
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