As an analyst with a background in cryptocurrency markets and trends, I have closely monitored PEPE‘s (Pepe the Frog coin) recent performance and its implications on the market cap rankings. Based on my analysis, it appears that PEPE has taken a significant hit in the last few days, experiencing a plunge of approximately 15%, which has led to Litecoin (LTC) overtaking the memecoin in terms of market capitalization.
In recent days, PEPE, the memecoin, has experienced a significant drop of 15%, causing Litecoin (LTC), to surpass it in market capitalization.
PEPE Has Ended Its Recent Bullish Run With A Drawdown Of 15%
I’ve been observing PEPE‘s performance closely, and I must admit that its price trend during the first few weeks of May was quite impressive, exhibiting a noticeable upward trajectory. However, over the past few days of this month, PEPE has experienced a setback, undergoing a price correction or drawdown.
The below chart shows how the memecoin’s performance has looked like over the past month.
I, as an analyst, would put it this way: At the beginning of the month, PEPE was priced around $0.0000061. By the onset of this week, however, its value had almost tripled and surpassed the $0.0000170 mark.
Beginning on Monday, the frog-themed coin has experienced a significant decline. Its current trading price hovers around 0.0000143. This represents a drop of over 15% from its previous high.
Yesterday, the PEPE investors faced a grim situation as the asset’s price dipped below $0.0000132 earlier in the day. However, there has been a recovery since then. It remains to be seen if this uptrend will persist.
As a crypto investor looking at the chart, I can see that the recent price drop has been significant. However, those who purchased at the beginning of the month are actually sitting on impressive gains. Specifically, their investments have grown by more than 134% during this timeframe.
The recent decline has resulted in a shift in the ranking of the memecoin among the leading cryptocurrencies in terms of market capitalization.
Pepe used to engage in fierce price battles with Polygon (MATIC) not too long past, but following a significant drop, Pepe’s market capitalization now ranks as the 21st largest within the crypto sector. The difference between Pepe and Litecoin, occupying the 20th spot, is relatively small at present. Consequently, if Pepe’s rebound persists, it may regain its position in the top 20.
The Internet-Frog-Based Token Is Still The Most Profitable Memecoin
In spite of a potential downturn in PEPE‘s recent rally, information from market intelligence platform IntoTheBlock indicates that the asset maintains the leading position when it comes to the proportion of investors who currently hold unrealized gains.
I’ve analyzed a chart depicting the development of this specific metric for the leading memcoins within the sector during the last 12 months.
Among memecoins, PEPE stands out with its holder profitability ratio exceeding 90%, placing it at the top of the list compared to popular coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
In simpler terms, as this ratio’s value increases, it becomes more likely for sell-offs to occur, leading investors to cash in their gains. Consequently, the recent high profitability could be the reason behind the asset’s recent downturn.
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2024-05-31 04:11