PEPE Crypto Market Cap Plummets Below $500M Amid Community Shift

Key Points:

• Pepe market cap slides below $500M as community interest shifts.
• Pepe’s market cap declined more than 70% from its all-time high of $1.65B and dropped to less than $500M within a week.
• Despite Pepe’s decline, new meme assets like Lady, Sponge, Four, Turbo, are drawing widespread interest from entrepreneurs like Justin Sun and crypto exchanges listing them; meanwhile, Milady memecoin LADYS appears to be enjoying most of the hype.

The hype around Pepe (PEPE) memecoin appears to be dying, with the token trading more than 70% away from its all-time high.

This decrease in market cap was observed over the past week as crypto traders were increasingly profiting from the memecoin by selling their holdings. The market cap of Pepe declined from a peak of $1.65 billion to less than $500 million within a week. This represents a significant decline in value and investor confidence.

For context, Pepe’s market cap declined by roughly $200 million within the last 24 hours to $491.07 million from over $600 million. This can be attributed to a lack of market demand or issues with the token’s underlying technology.

Despite the decline in Pepe’s value, the crypto community’s interest in memecoins has not waned. In fact, on-chain data suggests that more memecoins are being developed, drawing widespread interest from entrepreneurs like Justin Sun and crypto exchanges. This has resulted in the listing of new meme assets such as Lady, Sponge, Four, Turbo, and others. As a result, more traders are investing in these new memecoins, with one trader who made a profit of $14.5 million trading Pepe now holding 1.47 billion Turbo tokens.

Milady memecoin LADYS appears to be enjoying most of the hype as several traders are swapping their Pepe positions for the token. The memecoin saw a rapid increase in interest after Elon Musk tweeted a picture relating to the Milady NFT, causing its value to rise by more than 7000%, according to Coingecko data. This has drawn the attention of famous figures in crypto, such as 0xSisyphus and investment firm DWF Labs, who are actively trading the memecoin.

However, it is important to note that while several people made profits on LADYS, there have also been losses. One trader lost 100 ETH after initially buying 2 trillion LADYS for 174 ETH and selling for 73.5 ETH. This highlights the risks involved in investing in memecoins and the importance of conducting thorough research before making any investment decisions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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