PEPE, the poster boy of this year’s meme coin season, is down by almost 50% from its all-time high. Is this the end of its rally?

Since last month, meme coins have taken the market by storm. While PEPE has given over a 1000% price rise in less than a month, investors need to stay cautious of high volatility and various scams.

As Bitcoin dropped below $28,000, trades worth over $144 million got liquidated in the past 24 hours. According to data from Coinglass, PEPE traders lost $7.23 million to liquidation.

It became the third-highest cryptocurrency based on liquidations in the past 24 hours, followed by Bitcoin’s (BTC) $30 million and Ethereum’s (ETH) $27 million liquidations.