The price of PEPE, the cryptocurrency linked to a green anthropomorphic frog internet meme, significantly dropped on May 6 after more than doubling the day before on the back of rumours that it will be listed on Binance and other cryptocurrency exchanges.
PEPE’s price hit a fresh record high on May 5 before profit-taking set in.
On May 6, the PEPE price dropped to lows of $0.0000023, or nearly 100% below its day before’s high of $0.0000046, before buyers once more snapped up the dip.
PEPE had increased in the previous hour as of the writing but had decreased significantly during the previous 24 hours. Token for memes dropped 6.92% in the last day to $0.000002798. In the last week, it has climbed by 362%.
Following the latest price decline, PEPE temporarily fell short of the $1 billion market value threshold before regaining it.
With a current market valuation of $1,092,555,333, PEPE is the 44th biggest cryptocurrency, according to statistics from CoinMarketCap.
With $1,155,552,960 worth of trades over the past 24 hours, PEPE’s trading volume has decreased by 59%.
PEPE’s astonishing rise
Even though it has only been three weeks since the PEPE’s introduction, the price has increased significantly. However, it is uncertain if this price increase will continue in the days and weeks to come.
Veteran trader Bob Loukas thinks it may be absurd to imagine that PEPE has attained a local peak as a result of its debut on Binance.
“Watching people call tops in these meme coins like PEPE because MCAP is comical,” claims Loukas. They are technically both worthless and priceless since they have no inherent value. Consider the pumps. honour being discarded. I don’t participate in any, but heck, I can enjoy culture.
As traders take gains, PEPE may stay in a range during the next weeks.
