Pepe Coin has garnered significant attention in recent months as a meme-based cryptocurrency. The coin experienced notable price surges, capturing the interest of cryptocurrency enthusiasts. Within a short period, PEPE generated substantial returns, surpassing the performance of popular meme coins like Shiba Inu and Dogecoin, with a remarkable 3020% ROI in just one month.
While Dogecoin and Shiba Inu continue to dominate the meme coin market, PEPE has managed to attract a considerable fanbase and gain prominence due to its surging popularity. However, recent data shows that PEPE has lost almost 80% of its gains.
Pepe Coin loses over 80% of its gains
The recent drama surrounding Tether has triggered a market slump. PEPE is down by over 7% in the last 24 hours, according to CoinMarketCap. The trending meme coin touched its highest price point on May 5, 2023. However, it fell so hard from its top, wiping out more than 80% of its gains.
Investors in PEPE who entered at its peak point are suffering hefty losses. At this point, where the whole crypto market is slumping, it is unclear whether Pepe Coin will rise or continue its downward movement. The frog-inspired meme coin was leading the meme coin frenzy last month. However, all the hype seems to have cooled down.