You are right to point out that meme coins like $PEPE are facing tough times. Despite the recent Bitcoin rally, which normally brings with it the altcoin market, $PEPE seems to be lagging. The recent drop in the total cryptocurrency market cap, likely triggered by news about Tether facing investigations by US law enforcement, has significantly impacted meme coins, with sell-offs hitting them hard.

However, the factors affecting it seem to be deeper than just external news. Its struggle to regain previous highs could also reflect changes in market sentiment. Many investors seem to be diversifying into alternative meme coins, such as $POPCAT, perhaps under the impression that $PEPE’s growth potential has been exhausted.

While it is clear that it is facing challenges, this might not necessarily mark the end of its story. There could still be potential ahead, depending on changing market trends and investor sentiment. I look forward to hearing more of your perspective!