PEPE Experiences a 15% Drawdown After a Strong Bullish Run
In the past few days, PEPE has faced a significant drawdown following a strong bullish trend earlier in May. The asset’s price trajectory has taken a downturn, impacting its market performance.
Price Movement Overview
Here is an overview of PEPE’s price movement over the past month:
- PEPE started the month trading around $0.0000061
- By the beginning of this week, the cryptocurrency surged to nearly triple its value, surpassing the $0.0000170 mark
- However, the coin has experienced a notable drop since reaching this peak, currently trading around $0.0000143
- This represents a decrease of more than 15% from its high point
- At one point, the price fell below $0.0000132 before rebounding slightly
Market Cap Position
As a result of the recent downtrend, PEPE has seen a shift in its market cap ranking among the top cryptocurrencies:
- Previously competing with Polygon (MATIC), PEPE’s market cap has dropped, placing it as the 21st largest cryptocurrency
- The asset is now behind Litecoin, which holds the 20th position, with the possibility of reclaiming a top 20 spot with continued rebound
PEPE Leads in Holder Profitability
Despite the recent setback, PEPE maintains its lead in holder profitability among memecoins, as reported by market intelligence platform IntoTheBlock:
- With a holder profitability ratio exceeding 90%, PEPE outperforms memecoins like Dogecoin and Shiba Inu in this aspect
- High profitability ratios often indicate an increased likelihood of selloffs as investors aim to realize their profits, potentially contributing to the recent price drop
Conclusion
Although PEPE has faced a drawdown of 15% after a strong bullish run, the asset remains one of the most profitable memecoins in terms of holder profitability. The recent market performance highlights the volatility and competitiveness within the cryptocurrency sector, with PEPE’s position subject to fluctuations based on market trends and investor sentiment.
Hot Take: Litecoin Overtakes PEPE Amid Drawdown
Pepe (PEPE) has observed a plunge of 15% in the last few days, which has led to Litecoin (LTC) overtaking the memecoin in terms of market cap.
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