Pepe Coin (PEPE) is one of the best-performing crypto projects in 2023. The token launched on April 16, and within its first few weeks, skyrocketed by over 6000%. However, the token has lost its hype and has since fallen on the charts as well. PEPE is down by 4.8% in the last 24 hours and by 16.1% in the last two weeks. Nonetheless, the token is still up by 353% in the last month.
Pepe Coin (PEPE) being a memecoin is dependent on online word of mouth and meme culture to stay relevant. However, such tokens are susceptible to violent price swings. PEPE made a pretty big splash when it launched as it utilized the “Pepe the Frog” meme, and presented itself as a rival to Shiba Inu (SHIB) and Dogecoin (DOGE). Investors most likely were in i,t just for a quick buck. Moreover, even though there were big gains, the project was plagued by liquidity issues. This meant that very few people could cash out their profits.
Nonetheless, the hype around the token eventually died out. Moreover, the project did not have a lot of use cases, nor was it accepted in many places as a form of payment. This, coupled with the dying hype, together may have pulled the token down from its highs.
Can Pepe Coin rebound and reach $0.0001?
Reaching $0.0001 from current price levels would mean a 6749% rise. This is still an achievable feat for PEPE as the project has achieved similar numbers in the past. However, there isn’t a push that can propel the token to new highs. As mentioned above, PEPE does not have many real-world use cases to attract more users. Moreover, the early investors were in it to make a quick profit. Therefore, it would seem unlikely for PEPE to reach $0.0001 at the moment.
Furthermore, the hype around PEPE has seriously faded. According to reports, PEPE has now been eclipsed by Bitgert as the most hyped token at the moment. According to the data on LunarCrush, PEPE’s social mentions have increased by 9%, but engagements have decreased by 23.6%. This could mean that users are not interacting with content related to PEPE. Moreover, bearish sentiment has increased by 46.8%.
However, it does not mean that $0.0001 is completely off the table. If more exchange list the token, and more liquidity is available for the project, it does have the potential to once again grow by over 6000%. At press time, Pepe Coin (PEPE) was trading at $0.00000146, down by 0.3% in the last hour.