Pepecoin’s price and market cap were cut in half, fading the frenzy around the meme token.

Pepecoin (PEPE), a cryptocurrency that was inspired by the popular meme character Pepe the Frog, has recently experienced a significant decline in both its price and market capitalization. The once intense excitement around this digital asset has faded, leaving investors questioning its future.

Pepecoin initially gained the attention of crypto enthusiasts and meme lovers due to the popularity of the Pepe character. Riding the wave of meme-driven mania, the token saw a surge in value, attracting a considerable number of investors seeking quick profits.

However, this excitement was short-lived, and Pepecoin’s rise abruptly came to a halt.

PEPE Suffers Sharp Decline In Value

Pepecoin (PEPE) has experienced a significant decline, with its price on CoinGecko dropping to an astonishingly low value of $0.00000102. The token has suffered a substantial 14.4% slump within the past 24 hours, and its decline over the course of the last seven days has been even more alarming, reaching a staggering 28.4%.

Source: Coingecko

At its peak, Pepecoin had a market capitalization exceeding a billion dollars. However, its recent decline has seen the token’s market cap dwindle to below $500 million. This equates to a drastic erosion of over 50% of its value on the price charts.

Crypto total market cap weakens to $1.05 trillion on the daily chart at TradingView.com

Meme Coin Struggles To Recover: Possible Explanations

Pepecoin’s failure to recover raises questions about the factors contributing to its downfall. While numerous elements could be at play, one possible explanation is the shifting market sentiment towards meme tokens.

These tokens, which often gain popularity through viral memes and social media trends, have faced increased scrutiny and skepticism as investors become more discerning about their investment choices.

As Pepecoin continues to struggle, investors are left wondering whether the token can regain its lost value or if its decline will be a turning point for meme tokens as a whole.

SEC Lawsuit Vs. Binance Adds To Pepecoin’s Woes

Pepecoin faces further challenges as the Securities and Exchange Commission (SEC) sues Binance, sending shockwaves through the cryptocurrency markets. The fallout from the lawsuit has caused a decline in the value of Bitcoin and other major cryptocurrencies.

Consequently, Pepecoin finds itself caught in the crossfire, as the weakening Bitcoin exerts additional downward pressure on the meme token.

This bearish move has amplified the selling pressure on Pepecoin, pushing it to retest its bullish order book (OB) at press time. The bearish sentiment surrounding Bitcoin has cast a shadow on the broader crypto market, including meme tokens like Pepecoin, and raised concerns about the token’s ability to sustain its value.

As Bitcoin’s weakness persists, Pepecoin remains vulnerable to further selling pressure. Analysts predict that a drop to $0.0000008579 or even lower is feasible if the bearish momentum continues.

-Featured image from PictureCorrect

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