PEPE, the memecoin, has experienced withdrawals that have erased some of its past profits generated during the meme craze. At present, PEPE‘s price moves in sync with other memecoins undergoing outflows as a result of crypto asset sell-offs.
PEPE’s price has risen to 0.000005057, a 0.83% increase over the last 24 hours. This uptick for the memecoin is consistent with the market trend as Bitcoin‘s halving approaches. However, PEPE has experienced a significant loss this week, dropping by 31%, and over the past 30 days it has decreased by 28%.
The feeling among traders that the market is weak is reflected in lower trading activity for memecoins and DeFi protocols, including PEPE. This month, PEPE’s trading volume dropped by 2.2% to $595 million, even though its market value remains above $2 billion. However, the asset is currently showing a loss.
Can PEPE Rebound?
In the past month, PEPE experienced an astonishing surge of over 700%, fueled by a larger meme coin craze that caused price increases in various tokens. However, with decreased investor confidence and less money flowing into the market, most asset prices took a sharp dive about a week prior to Bitcoin’s halving event.
Many experts believe that the next price increase for altcoins will be driven by the impact of halving. This is mainly because an uptick in Bitcoin’s value often leads to increased engagement within the community, which can help memecoins like PEPE bounce back and potentially make a long-term recovery.
Based on cryptocurrency transaction records, many PEPE investors currently have profits due to the coin’s recent price surge. This uptrend brought significant returns for market participants.
Memecoins Remain Underwater
Currently, the total value of all meme coins is around $49.7 billion in the media’s latest reporting, which represents a 1.4% decrease over the past day. Notably, leading meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced outflows this week. Specifically, DOGE and SHIB have seen losses of approximately 22% and 17%, respectively.
Despite the significant daily increases for memecoins due to Bitcoin’s halving event, their monthly trends remain negative. For instance, Dogecoin and FLOKI experienced declines of more than 28% in the past week.
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2024-04-19 00:08