Breaking: PEPE Market Cap Plunges by 55% in 4 Days

May 9, 2023

MCP News Free

Breaking: PEPE Market Cap Plunges by 55% in 4 Days

Key Point

PEPE market cap reaching nearly $1.8 billion now at $800 billion within the past 4 days

Where you bought the token will determine your mood right now because it looks like the high-yielding PEPE is no longer yielding, with the market cap plunging by 55% in just 4 days.

A group of anonymous creators launched PEPE on the Ethereum blockchain back in April and since then, its market cap has been moving up as if it’s going to overtake Bitcoin’s market cap…lol.

On May 5, the PEPE market cap skyrocketed to over $1 billion for the first time since it was launched, later reaching as high as $1.76 billion and has now dropped to $800 billion, according to data by the CoinMarketCap, most likely, many would have thought Binance listing will push the PEPE market cap up for a longer period, but the reverse is the case.

Why is PEPE Dropping?

Investors of PEPE seem to be taking profits by now since the majority of the early investors of the token must have made profits more than they imagined, to back this up, On-chain analytics revealed on Twitter an increased rate of deposits of Ethereum and this is likely to be a lot of PEPE traders probably converting their PEPE to Ethereum.

???? Updating our report on #Ethereum's sky-high active deposits, exchange addresses interacting on the network is now at its highest level since November, 2021. As expected, $ETH is showing decoupling signs and on the cusp of breaking $2k once again. https://t.co/zYjY7669yj https://t.co/dQlKsTVyt2 pic.twitter.com/2nMXOUGgYC
— Santiment (@santimentfeed) May 5, 2023

Also, traders are likely to be taking another route towards making profits from their trades because of the launch of PEPE perpetual futures contracts.

Aside from the above reasons, meme coins market behavior has always been following a similar pattern, DOGE and SHIB for instance skyrocketed back then after it was launched due to the hype around both tokens, since the community could no longer keep up with the hype, both tokens have dropped notably and have been struggling to near their all-time high.

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