The hype surrounding memecoin Pepe (PEPE) appears to be fading, with the token trading down 70% from its all-time high.
Over the past week, cryptocurrency traders have been taking profits on memecoin at an increasingly frantic pace, pushing its market capitalization from a peak of $1.65 billion to around $500 million in a week.
Pepe’s market capitalization has dropped by about $200 million over the past 24 hours, from over $600 million to $491.07 million before recovering to its current level of about $535 million.
Meanwhile, falling house prices haven’t stopped whales like Machi Big Brother from hoarding properties. On-chain investigator Lookonchain reported that the trader purchased 66 billion Pepes between May 8 and May 10.
Community turns interest to other memecoins
However, Pepe’s devaluation does not mean that the crypto community’s interest in memecoins has diminished. On-chain data shows that more memecoins are being developed, attracting widespread interest from entrepreneurs like Justin Sun and the cryptocurrency exchanges that list them.
New meme properties like Lady, Sponge, Four, Turbo, etc. are gaining momentum as more and more traders are interested in them. The trader who made a profit of $14.5 million trading Pepe bought Turbo and now holds 1.47 billion tokens.
Meanwhile, Milady memecoin LADYS appears to be enjoying most of the hype, as some traders are exchanging Pepe for the token.
After Elon Musk tweeted a photo related to the Milady NFT, the memecoin quickly gained traction — boosting its value by more than 7,000%, according to Coingecko.
Even big names in the crypto space — like 0xSisyphus and investment firm DWF Labs — are actively trading memecoins.
While there are those who profit from LADYS, there are also losers. A trader lost 100 ETH trading memecoins after initially buying 2 trillion LADYS for 174 ETH and selling them for 73.5 ETH.
- Coinbase Apologizes for Controversial PEPE Communication – Memecoin Price Continues to Plunge
- Pepe’s market value fell by more than 1 billion US dollars in 5 days, and whales are still snapping up
According to Cryptoslate