Pepecoin Frenzy Fades: How Meme Token’s Price, Market Cap Were Cut In Half

Christian Encila

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Pepecoin (PEPE), a once-promising meme token, has recently faced a significant setback, witnessing a staggering decline in both its price and market capitalization. The fervent frenzy that once surrounded this meme-inspired digital asset has faded, leaving investors questioning the future of Pepecoin.

Pepecoin initially captured the attention of crypto enthusiasts and meme lovers alike, leveraging the popularity of the iconic Pepe the Frog character. Riding the wave of meme-driven mania, the token experienced an exhilarating surge in value, captivating headlines and attracting a considerable influx of investors seeking quick profits.

However, this euphoric ascent was short-lived, and Pepecoin’s once unstoppable rise abruptly came to a halt.

PEPE Suffers Sharp Decline In Value

In a sudden turn of events, Pepecoin (PEPE) has experienced a significant downturn, as evidenced by its price on CoinGecko plummeting to an astonishingly low value of $0.00000102. The token has suffered a substantial 14.4% slump within the past 24 hours, and its decline over the course of the last seven days has been even more alarming, reaching a staggering 28.4%.

Source: Coingecko

At its peak, Pepecoin boasted a market capitalization exceeding a billion dollars. However, the recent downturn has seen the token’s market cap dwindle to below $500 million as of press time. This equates to a drastic erosion of over 50% of its value on the price charts.

Crypto total market cap weakens to $1.05 trillion on the daily chart at TradingView.com

Meme Coin Struggles To Recover: Possible Explanations

Pepecoin’s failure to reach a corrective bounce raises questions about the underlying factors contributing to its downfall. While numerous elements could be at play, one possible explanation lies in the shifting market sentiment towards meme tokens.

These tokens, which often gain popularity through viral memes and social media trends, have faced increased scrutiny and skepticism as investors become more discerning about their investment choices.

As Pepecoin continues to grapple with its current predicament, market participants are left wondering whether the token can regain its lost value or if its decline will be a turning point for meme tokens as a whole.

SEC Lawsuit Vs. Binance Adds To Pepecoin’s Woes

The already beleaguered Pepecoin faces further challenges as the Securities and Exchange Commission (SEC) sues Binance, sending shockwaves through the cryptocurrency markets. The fallout from the lawsuit has caused a sea of red, with Bitcoin and other major cryptocurrencies experiencing bearish pressure.

Consequently, Pepecoin finds itself caught in the crossfire, as the weakening Bitcoin exerts additional downward pressure on the meme token.

This bearish move has amplified the selling pressure on Pepecoin, pushing it to retest its bullish order book (OB) at press time. The bearish sentiment surrounding Bitcoin has cast a shadow on the broader crypto market, including meme tokens like Pepecoin, and raised concerns about the token’s ability to sustain its value.

As Bitcoin’s weakness persists, Pepecoin remains vulnerable to further selling pressure. Analysts predict that a drop to $0.0000008579 or even lower is feasible if the bearish momentum continues.

-Featured image from PictureCorrect

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.