Pepe (PEPE) is a meme coin that attracted a lot of attention in the past few weeks. It surged by a whopping 5,000,000%, with its market cap reaching $1.67 billion when it was listed on Binance, one of the largest crypto exchanges, on May 5. The token saw its peak price of $0.00000431 that day, however, since the listing 6 days ago, its price and market cap had dropped significantly. Currently, PEPE is trading at $0.000001626 with a market cap of $637.8 million, representing a decrease of over $1 billion.

Meme coins, led by Dogecoin (DOGE) and Shiba Inu (SHIB), are becoming increasingly popular recently and represent a type of cryptocurrency based on internet memes and pop culture. PEPE, on the other hand, is based on “Pepe the Frog” meme created by artist Matt Furie and its anonymous dev team in April 2023.

The doom in PEPE's price and market cap, along with other meme coins, can be attributed to traders and investors taking profits and converting their holdings into Ether (ETH) which recently achieved an all-time high in deposits to exchanges. Moreover, PEPE currently is the third-largest meme coin, surpassing other recently listed tokens on Binance such as Floki (FLOKI).

Overall, whether PEPE can breach its all-time highs will depend on the demand and investor sentiment in the coming days. Its past surge should have taught traders to beware and use extra caution when investing in meme coins and generally in the risky cryptocurrency market.



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