PEPE, the cryptocurrency associated with an internet meme of a green anthropomorphic frog, had a significant dip on May 6 after its price more than doubled the previous day on the heels of reports that it would be listed on Binance and other cryptocurrency exchanges.
On May 5, PEPE's price reached a new record high before profit-taking ensued.
The PEPE price fell to lows of $0.0000023 on May 6 — nearly 100% below its previous day's high of $0.0000046 — before buyers once again bought the dip.
At the time of writing, PEPE was higher in the last hour but remains largely down in the last 24 hours. The meme token was down 6.92% in the last 24 hours to $0.000002798. It has increased by 362% in the last seven days.
PEPE has also regained its $1 billion market cap after briefly falling short of this mark following the recent price dip.
According to CoinMarketCap data, PEPE ranks as the 44th largest cryptocurrency with a current market cap of $1,092,555,333.
Meanwhile, PEPE's trading volume is down 59% in the last 24 hours, with $1,155,552,960 worth of trade in the last 24 hours.
PEPE's astonishing rise
While the PEPE price has sharply risen in the barely three weeks since its launch, the possibility of a sustained price hike in the coming days and weeks remains unknown.
While some believe PEPE might have reached a local top after its listing on Binance, seasoned trader Bob Loukas believes it might be comical to think so.
According to Loukas, "Seeing people call tops in these meme coins like PEPE because MCAP is comical. They have no intrinsic value, so they're technically worthless and also technically priceless. Respect the pumps. respect getting dumped. I'm not in any, but damn can appreciate the culture."
Meanwhile, PEPE might remain in a range in the coming weeks as traders pull profits.