The cartoonish meme currency PEPE is beginning to see negative trend in this new week. The euphoria around the token, which sparked its catastrophic expansion over the previous three to four weeks, now seems to be abating. As of this writing, the price of PEPE is $0.0000016, a decrease of more than 7% over the last 24 hours.
Similar emotion has been seen throughout the whole universe of meme coins during the negative plunge in the PEPE token. In a metaphorical sense, the PEPE logo’s very apparent greenish outlook and the majority of meme coins created to replicate it seem to be turning red with the new price prospective.
From its all-time high (ATH) price record set back on May 5, PEPE’s recent price movement has caused the price to drop by as much as 63%. Despite its current negative actions being estimated at more over $620 million, PEPE’s market value at debut soon made it a sensation in the cryptocurrency industry.
Early investors of PEPE saw their own holdings balloon to millions of dollars when the token went live, a pattern that many other succeeding meme currencies sought to replicate when proliferation reached a new high.
State of meme coin’s popularity
We may infer that the popularity of meme coins is waning if more of the well-known meme coins, such as Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu, were profiled by their current price action.
Shiba Inu has fallen as high as 0.65% in the week-to-date (WTD) period, while Dogecoin is just losing 0.31% to $0.07304. Even if the development of these two larger tokens demonstrates that stability develops with time, other PEPE-modeled successors have kept going downhill.
The PEPE counterfeit Pepe Coin, which saw a significant run last week as was reported, is currently down as high as 32.92% as of the time of writing.
