PEPE Attempts Market Rebound, Surges By 28% In 24 Hours

Semilore Faleti

1 year ago

3 mins read

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Popular memecoin PEPE is currently soaring as it attempts to pull off a market recovery. In a week marred by losses of varying sizes, the hottest coin of the meme season was not exempted, losing 46.1% of its market value within this period.

The past week was quite bearish for the entire market as the total crypto market cap dropped by $64 billion to a current value of $1.170 trillion. Bitcoin, the market leader, did share most of the headlines with PEPE, as its market price crashed by almost 9% to trade below $27,000 for the first time since March.

Although the CPI announcement on Wednesday did provide some boost to the premier cryptocurrency, it could not match the momentum of the market bears as Bitcoin currently trades around $26,815. However, PEPE, on the other hand, seems to have found support and has re-embarked on its bullish course.

PEPE Notches 28% Gain, Emerges Biggest Daily Gainer

According to data from Coingecko, PEPE has surged by 28% in the last 24 hours, emerging as the biggest market gainer within this period. Having been on a steady decline all week, this recent price rise has provided some relief for PEPE investors who thought the meme token was well on its way down.

Although there is no guarantee that PEPE could be on its way to pulling off another stunning market performance, its resilience may just set it apart from most short-lived meme coins joining the likes of the prominent Dogecoin (DOGE) and Shiba Inu (SHIB) tokens.

In general, PEPE remains the best-performing token of the moment, gaining by over 405% in the last 14 days and over 2,331% since its launch on April 17. In this period, the meme token has also made much progress in the industry with listings on over 30 exchanges, including Binance, Huobi, OKX, KuCoin etc.

At the time of writing, PEPE is trading around $0.0000158, with a 2% increase in the last hour. The token’s daily trading volume is also up by 151.92%, valued at $934.45 million. However, PEPE remains 62% away from its all-time value of 0.00000431, which was attained just seven days ago.

PEPE trading at $0.00000158 | Source: PEPEUSD Chart on Tradingview.com

Meme Tokens Criticism Continues

Amidst the massive traction associated with the meme season, criticisms of these meme-inspired cryptocurrencies have not dwindled. In one of the latest hits, popular crypto analyst Benjamin Cowen, with over 700,000 Twitter followers, tweeted that meme coins existed solely to “make the founders rich”.

He further referred to the “strong community” narrative as “garbage”, stating that most meme coins were launched by the same people, “just pumping and dumping until it no longer is profitable”.

Daily reminder that these memecoins that are flooding the market exist to make the founders rich.

The “strong community” narrative is garbage.

Most of these memes are created by the same group, just pumping and dumping until it no longer is profitable.

— Benjamin Cowen (@intocryptoverse) May 9, 2023

While they may be quite capable of generating stupendous profits, meme coins seem set to suffer continuous criticism over their lack of utility. These tokens are based on internet memes, driven only by the user community and celebrity engagements.

Therefore, most meme coins are short-lived, “predestined” to rise, crash and burn, albeit with very few exceptions.

-Featured Image: BTCC, chart from TradingView

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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