• Wed. May 29th, 2024

Will PEPE go back up after losing more than 12% of its value in the last 24 hours?

Key takeaways

  • PEPE is the worst performer amongst the top 100 cryptocurrencies by market cap today.

  • The meme coin has lost more than 10% of its value as it continues to underperform. 

  • PEPE could experience further dumping as the broader crypto market undergoes a correction.

PEPE loses more than 12% of its value today

PEPE, one of the most popular meme coins of the year, has been underperforming over the past few days. It recorded massive profits a few weeks ago but has been underperforming since reaching its all-time high price of $0.000004354 12 days ago.

The token is now down by more than 65% from its all-time high and could continue to dip lower.

At press time, the price of PEPE stands at $0.000001506 per coin. Over the past 24 hours, PEPE has lost roughly 12% of its value, making it the worst performer amongst the top 100 cryptocurrencies by market cap. 

Will PEPE go back up soon?

PEPE’s poor performance coincides with that of the broader cryptocurrency market. The token has been underperforming since it began to be listed on some major cryptocurrency exchanges.

The broader cryptocurrency market has been underperforming in recent days. At press time, the total cryptocurrency market cap stands at $1.12 trillion, down by less than 1% so far today.

Bitcoin, the world’s largest cryptocurrency by market cap, is also underperforming, and is now trading just below the $27k level.

With the broader crypto market currently experiencing a poor run, PEPE could find it tough to regain its all-time high price in the near term.

The meme coin mania in the cryptocurrency space seems to have subsided in recent weeks. If the fundamentals of the broader market improve, PEPE could see its value soar higher over the next few weeks. However, if the current market conditions persist, PEPE could see its price retest the all-time low level of $0.00000002764 once again.

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