In a whirlwind period of speculation and hype, the world of digital currency was recently taken by storm by a new breed of digital currencies: memecoins. A key player that stood out in this field was Pepecoin, or PEPE, which has now witnessed a whole lot of decline, marking a potential turning point for the memecoin market. Nonetheless, like any market riding on the waves of speculation, the bubble has now seemingly burst. The phenomenal boost of Pepecoin seems to have been replaced by a swift and relentless decline, forcing SHIB and Dogecoin (DOGE) to touch the lowest levels.
Memecoin Momentum Experiences A Slowdown
The cryptocurrency market has recently experienced a whole lot of slowdown, with meme cryptocurrencies bearing the brunt of this downturn. Amidst investors’ caution concerning their financing choices, digital currencies such as PEPE, Shiba Inu (SHIB), and Dogecoin (DOGE) have seen a persistent decrease. This tendency suggests a potential conclusion to the brief surge in meme cryptocurrency values witnessed in April.
Meme Coin coins are as of now facing whole lot of adversity as they experience widespread depreciation. This applies to both large-scale and niche Meme Coin coins. A case in point is PEPE, a meme cryptocurrency that gained prominence in April, which has seen greater than a 60 percent fall from its record-high value in early May. Even in the previous day, it has registered a further loss of 7.5%.
The downward tendency in PEPE crypto token value reflects a similar pattern across the entire meme cryptocurrency universe. Metaphorically, the distinctively green hue of the PEPE logo and those of other meme cryptocurrencies designed in its image appears to be shifting towards red, mirroring the present market trend.
What’s Next For PEPE Price?
PEPE’s price activity is experiencing a downturn today, following a whole lot of surge on Sunday that had the whole cryptocurrency community buzzing. As rapidly as its prominence soared, it started to diminish on Monday, wiping out all of its profits from Sunday.