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Red Is New PEPE Color, Is Meme Coin Insanity Fading Away?

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Mon, 22/05/2023 - 12:38
Red Is New PEPE Color, Is Meme Coin Insanity Fading Away?
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This new week is opening up bearish momentum for cartoonish meme coin PEPE. The token, whose hype stirred its cataclysmic growth in the past three to four weeks, appears to be cooling off now. At the time of writing, PEPE's price is pegged at $0.0000016, down by more than 7% over the past 24 hours.

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The bearish slump in the PEPE token has also showcased somewhat similar sentiment across the length and breadth of the meme coin world. Figuratively, the very visible greenish outlook of the PEPE logo and most meme coins built to copy it appear to be turning to red with the new price outlook.

The current price action of PEPE has dragged the price down by up to 63% from its all-time high (ATH) price record attained back on May 5. Upon launch, PEPE quickly became a sensation in the crypto world with its market capitalization, despite its current bearish actions now being pegged at more than $620 million.

When PEPE went live, early backers saw their personal holdings in the token soar to millions of dollars, a trend that many other succeeding meme coins hoped to achieve with proliferation reaching a new peak.

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State of meme coin's popularity

If more of the established meme coins like Shiba Inu (SHIB), Dogecoin (DOGE) and Floki inu were profiled by their current price action, we could deduce that the popularity of meme coins is slowing down.

While Dogecoin is seeing a marginal loss of 0.31% to $0.07304, Shiba Inu has slumped as much as 0.65% in the week-to-date (WTD) period. Though the growth of these two bigger tokens shows that stability comes with years of existence, other PEPE-modeled successors have continued on a spiral downward.

At the time of writing, PEPE copycat Pepe Coin, which went on a massive run last week as reported, is now down as much as 32.92% at the time of writing.

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