The price of PEPE reached as high as $0.0000037 in early May and has recently experienced a strong downward momentum, with a drop of nearly 30% in the past month. Last week, PEPE also experienced double-digit losses, falling to $0.000001.
The cryptocurrency market is declining
After a brief period of strong growth in mid-July caused by the XRP ruling in the Ripple case, the cryptocurrency market has seen downward momentum again in recent weeks. The leading cryptocurrency Bitcoin (BTC) started a new round of decline from the $31,500 price level to $29,000. The total market value of the crypto industry also fell back to $1.17 trillion, according to CoinMarketCap data.
Despite Bitcoin’s recent consolidation around the $29,000 price level, the cryptocurrency market has not slowed down in terms of Pepcoin’s losses, despite a more pronounced sideways trend and a decrease in market volatility.
The loss is close to 30%
The price of PEPE has risen to $0.0000037, with its value recording gains in early May. However, at the time, many analysts warned of speculative price action and the potential for a larger decline in low-market-cap cryptocurrencies.
In fact, after the decline, Pepecoin experienced a strong downward momentum and accelerated the decline in its value in recent weeks. With a drop of nearly 30% in the past month and an average drop of about 12% in the past week, Pepecoin fell to $0.000001. CoinMarketCap data shows that among the top 100 cryptocurrencies with the highest market capitalization, Pepecoin ranks among the top three with the highest percentage loss in value in the past month and the past week.
In addition, whale addresses, which hold a large amount of cryptocurrency assets and are called "whales" in the crypto ecosystem, have recently begun selling different amounts of Pepe coins. Lookonchain reported on Twitter that an address sold more than 2 trillion Pepe coins that day, which is worth more than $2.5 million at current prices.
