After hitting a recent all-time high, Pepe (PEPE) has fallen 15% in recent days, causing the meme coin to fall out of the top 20. It was surpassed by Litecoin (LTC). So, what is the current situation of PEPE?

PEPE ended its last bull run with a 15% drop

PEPE had an excellent May as its price surged, but the asset fell in the last few days of the month. The chart below shows the performance of the meme coin over the past month.

PEPE was trading around the $0.0000061 mark throughout May and saw a sharp rise earlier this week when the price broke through the $0.0000170 mark.

However, after reaching a peak on Monday, the meme coin has experienced a notable decline. As of writing, PEPE is trading at $0.00001451, down 4.23% in the past 24 hours, which means it is down about 15% from its peak. PEPE's 24-hour trading volume has increased by more than 20% to $2.475 billion.

Things got even worse for PEPE investors earlier in the day, with the price dropping below $0.0000132. The asset has since recovered from this low, but it is unclear if this recovery will last.

Following its recent surge, PEPE has entered the ranks of the top 20 cryptocurrencies by trading volume. However, after a 4% drop today, trading volume has dropped to $6 billion and it has been overtaken by Litecoin. As a result, PEPE is now ranked 21st.

PEPE Still Leads the Meme Coin Market

The rise and then fall of PEPE prices has raised questions about which meme coin is the most profitable. According to data provided by IntoTheBlock, among meme coins, PEPE still has the highest profit ratio for investors.

The chart below shows the trend of this metric for the market’s leading meme coins over the past year.

Currently, PEPE’s investor profitability is over 90%, and it remains a leader in this metric when compared to meme coins such as Dogecoin (DOGE) and Shiba Inucoin (SHIB).