PEPE Meme Coin Free Falls After The Price Flies

PEPE meme coin. (Photo; Doc. 24 Prediction Today)

JAKARTA - PEPE managed to surpass other meme coins such as Floki Inu, Doge Elon Mars, Baby Doge Coin, and even Bone Shibaswap. Currently, the PEPE meme coin ranks third in the list of meme coins in terms of market capitalization according to Coinmarketcap data.

Recently, the price of PEPE tokens has decreased significantly since May 5, when it reached an all-time high of 0.0000431 US dollars (equivalent to Rp0.064) per token.

The value of the meme token has fallen by 60 percent in US dollars. The market capitalization of PEPE, which had penetrated 1.8 billion US dollars (Rp26 trillion) on May 8, fell to US$680 million (Rp10 trillion) on May 11. That means PEPE's market capitalization decreased by almost half. Currently, the PEPE market cap is in the range of Rp7 trillion.

The downward trend in PEPE is partly due to the emergence of rival meme tokens such as WOJAK, TURBO, and LADYS which have succeeded in attracting large investors. This newer meme token has gained significant attention recently, with LADYS surging by 3,520 percent in just one day.

Meanwhile, TURBO also rose by 64 percent over the past week. As a result, the meme token economy as a whole experienced a slight decline of 2.9 percent on May 11, and reached a total of 17.2 billion US dollars (Rp254 trillion).

Despite the recent drop, rumors on social media suggest that whales, or large investors, may be interested in buying more PEPEs during this decline.

According to a Bitcoin.com News report, the supply owned by ten of the largest shareholders fell from 34.07 percent on May 8 to 33.93 percent today. Meanwhile, PEPE's 100 largest token holders increased their holdings from 54 percent on May 8 to 56.15 percent today. In addition, the number of PEPE holders has swelled from 106,430 to 107,617 today.

It remains to be seen whether PEPE can recover from its recent decline and regain its glory. However, it is clear that the meme token economy continues to be an unstable and unpredictable market, with new tokens constantly popping up and competing to get attention.