{"id":20737,"date":"2023-05-09T18:07:34","date_gmt":"2023-05-09T18:07:34","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/meme-token-pepe-plunges-below-1-billion-mark-amidst-market-decline-market-updates-bitcoin-news\/"},"modified":"2023-05-09T18:07:34","modified_gmt":"2023-05-09T18:07:34","slug":"meme-token-pepe-plunges-below-1-billion-mark-amidst-market-decline-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/meme-token-pepe-plunges-below-1-billion-mark-amidst-market-decline-market-updates-bitcoin-news\/","title":{"rendered":"Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against the dollar, with the top six prominent meme tokens enduring losses within 24 hours.<\/strong><\/p>\n

PEPE\u2018s Meteoric Rise Hits a Roadblock with 12% Decline<\/h2>\n

Numerous investors reaped significant rewards<\/a> from the surging PEPE<\/a> meme token market; however, its worth has diminished from its all-time high (ATH). Just four days prior, on May 5, PEPE reached a pinnacle price of $0.00000431 per unit, but has since plunged over 50% from that position. Presently, its market valuation rests below $1 billion at $790 million, whereas on May 5, it ascended to an ATH of $1.8 billion.<\/p>\n

\"Meme<\/p>\n

Despite the devaluation, PEPE has still managed to soar by 3,456% since its all-time low on April 18, set only 22 days earlier at $0.000000055142 per unit. Additionally, the meme coin has gained over 500% in the past two weeks when compared to the U.S. dollar. Yet since May 5, gains have eluded PEPE\u2019s grasp. Nevertheless, PEPE boasts $804 million in global trade volume within a day\u2014ranking eighth among total crypto trade volumes.<\/p>\n

Shifts have also occurred in PEPE\u2019s rich list as larger whales aggregate the meme coin\u2019s supply. Currently, there are 106,430 PEPE holders<\/a>, with the top ten wallets grasping 34.07% of all existing PEPE tokens. Among these leading holders are five exchanges\u2014including Binance and Okx\u2014owning the most extensive caches of PEPE relative to exchanges. The top 100 wealthiest PEPE addresses claim over 54% of the entire supply.<\/p>\n

In general, aside from PEPE, the meme coin market<\/a> has been trailing a downward trajectory in conjunction with the broader crypto economy. Over the past day, the meme coin sector has shed 7% of its value, with DOGE, SHIB, PEPE, FLOKI, and BABYDOGE all experiencing declines. In contrast, meme token turbo (TURBO), Tamadoge (TAMA), and shih tzu (SHIH) have grown 43.1%, 18%, and 13% respectively against the greenback in the previous 24 hours.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
7% loss<\/a>, All time high<\/a>, all-time low<\/a>, ATH<\/a>, below $1 billion<\/a>, Crypto<\/a>, Devaluation<\/a>, Gains<\/a>, Investors<\/a>, market decline<\/a>, meme coin sector<\/a>, Meme PEPE<\/a>, Meme Token<\/a>, pepe<\/a>, prominent meme tokens<\/a>, surging market<\/a>, trade volume<\/a>, U.S. dollar<\/a>, valuation<\/a>, Whales<\/a><\/div>\n<\/div>\n

What are your thoughts on the recent volatility in the meme coin market and the decline of PEPE token\u2019s value? Share your opinions and insights in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n