Is the furor over?: the PEPE cryptocurrency collapses 30% after rising more than 500% in a few days

Is the furor over?: the PEPE cryptocurrency collapses 30% after rising more than 500% in a few days

The fury of the PEPE cryptocurrency It ended. after a rise above 500% in 15 days, plummets 30% in the last 24 hours. The token fell back to a low of $0.000002526, which is about 43% below this year’s high.

PEPE has come from nothing to become one of the most traded cryptocurrencies in the world. Data compiled by CoinMarketCap shows that Pepe was the top trending token in its ecosystem. It outperformed other cryptocurrencies like Sui and Keke.

Pepe for a value of more than US$875 million has been negotiated in the last 24 hours. Only Bitcoin and Ethereum have a larger volume than Pepe. Bitcoin had a volume of $12 billion, while Ethereum had $8 billion. This means that Pepe had more volume than other meme coins like Dogecoin and Shiba Inu.

More than 55% of all Pepe is traded on Binance, which listed the token last week. He handled Pepe valued at more than $186 million in the last 24 hours. The rest are on Uniswap and KuCoin. In addition to Ethereum and Bitcoin, Pepe’s volume is also below that of stablecoins such as Tether, USD Coin, and Binance USD.

But what happened in the last few hours to make its price drop so much?

On May 5, CriptoNoticias reported the announcement that PEPE and Floki, two memecoins, would be incorporated by the world’s largest exchange, Binance. This caused its price to increase up to 60%.

However, the rise did not continue, given that, barely a day later, PEPE fell 30%, trading above US$0.00000274, at the time of writing.

The recent fall has left some victims. As published by the blockchain analysis portal, Loolonchain, a whale bought around US$2.5 million in PEPE on May 5, when it was incorporated by Binance. The data shows that it would have lost more than $541,000 at the nadir of the recent decline.

Notably, Binance had a considerable impact on the trading of this memecoin, which was originally only traded within the SushiSwap decentralized exchange.

Source: Ambito

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