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The excitement surrounding Pepe (PEPE) memecoin seems to be diminishing, with the token trading over 70% below its peak value.
In the past week, cryptocurrency traders have increasingly capitalized on the memecoin, causing its market capitalization to drop from a high of $1.65 billion to under $500 million in just a week.
To provide context, Pepe’s market cap fell by approximately $200 million in the last 24 hours, decreasing from over $600 million to $491.07 million, based on data from CryptoSlate.
Nevertheless, this downturn has not deterred whales like Machi Big Brother from accumulating the asset. On-chain analyst Lookonchain reported that the trader acquired 66 billion Pepe tokens between May 8 and May 10.
Community shifts interest to others
Nonetheless, the drop in Pepe’s value does not indicate a decrease in the crypto community’s enthusiasm for memecoins. On-chain data indicates that more memecoins are being created, attracting significant interest from entrepreneurs such as Justin Sun and crypto exchanges that are listing them.
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New meme assets like Lady, Sponge, Four, Turbo, and others are gaining traction as more traders invest in them. One trader who earned $14.5 million from trading Pepe has begun purchasing Turbo and now possesses 1.47 billion of the tokens.
At the same time, the Milady memecoin LADYS seems to be receiving the majority of the attention, as numerous traders are exchanging their Pepe holdings for this token.
The memecoin experienced a surge in interest following a tweet from Elon Musk featuring a picture related to the Milady NFT — leading to a price increase of over 7000%, according to Coingecko data.
Even notable figures in the crypto space — such as 0xSisyphus and investment firm DWF Labs — are actively engaging in trading the memecoin.
While many individuals have profited from LADYS, there have also been losses. One trader incurred a loss of 100 ETH after initially purchasing 2 trillion LADYS for 174 ETH and later selling for 73.5 ETH.
The post PEPE market cap slides below $500M as community interest shifts appeared first on CryptoSlate.
