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Pepe Feels Lonely in Green as Crypto Market Experiences Pullback

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Fri, 31/05/2024 - 20:10
Pepe Feels Lonely in Green as Crypto Market Experiences Pullback
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Pepe (PEPE) is currently the only cryptocurrency in the green among the top 20 biggest coins, according to data provided by CoinMarketCap. It is up by a mere 0.91%, but this allows it to stand out in a sea of red. 

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The red-hot meme coin has raced above Litecoin (LTC), with its market cap surpassing $6 billion. 

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Meanwhile, Shiba Inu (SHIB) is one of the biggest laggards in the top 20. After slipping by 4% over the past 24 hours, it has dropped out of the top 10. It is now below Toncoin (TON) and Cardano (ADA).  

For comparison, Dogecoin (DOGE) is also down 3% despite strong buying activity from whales. 

The Near Protocol (NEAR) is the worst-performing coin in the top 20, slipping by more than 4%. 

Pepe's big month 

According to data provided by IntoTheBlock, a staggering 96% of all Pepe holders are in profit. It has managed to become the most profitable bet among major meme coins. 

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On May 27, the meme cryptocurrency reached a new all-time high of $0.00001717. It slipped more than 12% since that headline-grabbing peak. 

Pepe has now come a long way since entering the top 100 for the first time in May 2023. Despite growing competition in the meme coin sector, it has become the third-biggest meme coin with a valuation of over $6.3 billion. 

Meanwhile, Polymarket users are betting on whether Pepe will manage to beat Solana-based dogwifhat to reach $10 billion first. 

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