Pepe [PEPE] has seen a decline in value and trading volume, but social activity suggests it may not have hit its lowest point.
Pepe [PEPE] memecoin experienced a decline in value and trading volume.Social activity indicated that the coin may not have reached its lowest point yet.The Pepe [PEPE] meme coin took the cryptocurrency community by storm, attracting a wave of investors. However, recent trends indicated a downward trajectory for the token, although certain metrics suggested that the lowest point had not yet been reached.
According to the social dominance and volume data from Santiment, PEPE continued to generate activity. On 5 May, the coin experienced a remarkable surge in social dominance and volume, reaching an all-time high. Since then, however, there has been a decline. As of this writing, the social volume stood at 65, significantly lower than the peak of 863 on 5 May. Additionally, the social dominance score dropped from 12% of crypto space discussions on 5 May to 3.3%.
These metrics indicated that the meme coin was still garnering attention despite its price plunge. Also, it suggested that the bottom was not yet in.
