• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
PEPE

PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%

Christian Encila by Christian Encila
3 weeks ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Pepecoin (PEPE) tokens were issued in mid-April and quickly gained popularity among investors, reaching a market capitalization of $1.8 billion in just over three weeks. However, the meme coin’s journey took a downward turn as the token dropped nearly 45% from their peak on Friday, causing a ripple of concern among investors.

Some speculate that the sudden price drop was due to traders taking profits on their positions, while others point to the introduction of Pepe-tracked futures as a possible cause. 

Either way, the Pepe token’s once-promising journey has hit a snag, leaving investors wondering whether this amphibian-inspired cryptocurrency can regain its footing and hop back into the limelight.

Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops – What’s Going On?

PEPE Token’s Value Down After Short-Lived Rally

As of writing, the PEPEUSD token’s price on CoinGecko stands at a mere $0.00000233, having fallen 10.6% in the past 24 hours. This comes as a disappointment to investors who had witnessed a remarkable seven-day rally, during which the token’s value had surged by a staggering 221.0%.

The sudden downturn in the PEPEUSD’s value is a reminder of the volatility that characterizes the world of cryptocurrency. Despite the promising rally of the past week, the token’s current price suggests that caution is still warranted for those considering investing in this meme-inspired digital currency.

Crypto total market cap weakens to $1.12 trillion. Chart: TradingView.com
Related Reading: How Long Will Dogecoin Remain Sideways As Sellers Threaten Bearish Breakout?

Following an unprecedented surge in value that saw PEPEUSD rise by almost 5,000,000% in just a few weeks, holders of the altcoin may be capitalizing on their gains by selling off their positions. This is reflected in the significant decline in the token’s value, which previously reached a peak of $0.00000431.

Pepecoin had quickly taken the crypto market by storm, and in just over three weeks since its issuance in mid-April, it had achieved a market capitalization of $1.8 billion. However, the sudden drop in value indicates that the token’s meteoric rise may have been too good to last, and investors may be re-evaluating their positions accordingly.

PEPEUSD Profits Converted To Ether As Deposits Hit New High

Following the massive surge in Pepecoin’s value, investors are reportedly taking profits by converting their holdings into Ether (ETH), which recently hit an all-time high in deposits to exchanges since November 2021 when it reached a high of $4,500. 

🚀 Updating our report on #Ethereum‘s sky-high active deposits, exchange addresses interacting on the network is now at its highest level since November, 2021. As expected, $ETH is showing decoupling signs and on the cusp of breaking $2k once again. https://t.co/zYjY7669yj https://t.co/dQlKsTVyt2 pic.twitter.com/2nMXOUGgYC

— Santiment (@santimentfeed) May 5, 2023

On Monday, Santiment, an on-chain analytics firm, suggested in a tweet that the rising number of Ether deposits could be a result of traders cashing out their Pepe positions.

The Pepecoin rally has seen some investors turn small investments into significant profits within just a few days after the coin’s issuance.

However, with the recent drop in the token’s value and the high volatility of cryptocurrency in general, investors should proceed with caution and conduct thorough research before investing in any digital currency. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

-Featured image from Alabama Cooperative Extension System 

Tags: meme coinPEPE pricePepeCoinPrice action
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a former journalist and editor, as well as a layout design consultant, who previously held leadership positions at Sun.Star News Philippines and Ang Peryodiko News, a local daily in Manitoba, Canada. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

EOS

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

6 hours ago
RUGME

Get Rich Or Get Rugged? RUGME’s Unique Liquidity Mechanism Sparks Controversy

8 hours ago
Injective

Bullish Run for Injective (INJ): Will the Momentum Continue?

9 hours ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

10 hours ago
Bitcoin casino – Top Bitcoin casino bonuses

Bitcoin casino – Top Bitcoin casino bonuses

12 hours ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

12 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bware Labs Launches $INFRA Token, making high API...

    8 hours ago
  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    11 hours ago
  • Coinbase launches campaign to educate public on blockchain...

    12 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    12 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.