The hype around Pepe (PEPE) memecoin appears to be dying, with the token trading more than 70% away from its all-time high.
During the past week, crypto traders increasingly profited from the memecoin, moving its market cap from a peak of $1.65 billion to less than $500 million within a week.
For context, Pepe’s market cap declined by roughly $200 million within the last 24 hours to $491.07 million from over $600 million, according to CryptoSlate’s data.
Meanwhile, the decline has not stopped whales like Machi Big Brother from stockpiling the asset. On-chain sleuth Lookonchain reported that the trader bought 66 billion Pepe tokens between May 8 and May 10.
Community shifts interest to others
However, the decline in Pepe’s value does not mean the crypto community’s interest in memecoins has waned. On-chain data suggest that more memecoins are being developed, drawing widespread interest from entrepreneurs like Justin Sun and crypto exchanges listing them.
New meme assets like L
We współpracy z: https://cryptoslate.com/pepe-market-cap-slides-below-500m-as-community-interest-shifts/
