While PEPE has turned investors into millionaires, market dynamics and investor sentiment appear to be changing, raising questions about its ability to compete.
TL;DR
- Pepe Memecoin has seen massive gains, rising nearly 5,000,000% in just a few weeks.
- However, the coin has since corrected and is down nearly 62% from its peak, highlighting its volatile nature.
- On-chain analytics suggest that Pepe may face challenges due to lower retail involvement and liquidity compared to Dogecoin and Shiba Inu.
- Limited retail participation means fewer active investors, making the market susceptible to manipulation and sudden price fluctuations.
- Retail share in Pepe and the broader crypto market has changed dramatically, which could indicate a change in market dynamics.
- Pepe has also been listed on more exchanges including Gemini, Kraken, and Wazir.
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From Millionaires to Market Correction
PEPE holders have seen massive gains, with the altcoin surging nearly 5,000,000% in just a few weeks. Within three weeks of its issuance, the coin's price peaked at $0.00000431, giving it a market capitalization of $1.8 billion.
This milestone was reached in 19 days for PEPE, compared to 279 days for SHIB, 287 days for Ethereum, 1,579 days for Bitcoin, and 2,585 days for Dogecoin. According to a research and analysis firm, Messari, PEPE's average value per holder, calculated based on market capitalization, is similar to SHIB but accelerated. This illustrates PEPE's extraordinary growth rate.
Although the cryptocurrency market shows promising numbers, it is important to emphasize its volatile and unpredictable nature, especially when it comes to hype. memecoins.
The PEPE token has corrected since its peak and is down almost 62% from its peak. It is clear from the rapid fall in value of PEPE that these currencies are susceptible to rapid changes in value.
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Retail Investors Abandoning Pepe Memecoin?
TO report from on-chain analytics firm Santiment highlights the problems Pepe coin ($PEPE) may face amid an overall bleak crypto climate, even though it has turned investors into millionaires in just a few days.
According to the report, PEPE may face challenges related to lower retail participation and liquidity. PEPE has much lower liquidity and retail share than Dogecoin ($DOGE) and Shiba Inu ($SHIB) a year ago, according to the report.
By comparison, PEPE hit $2 billion in peak trading volumes, while $SHIB and $DOGE hit $40 billion and $70 billion, respectively. As retail participation is limited, the PEPE market could have fewer investors actively trading and supporting it. As a result, a few major players can manipulate prices and cause sudden price fluctuations that can affect the entire trading ecosystem.
Additionally, Santiment said the retail landscape had changed dramatically, with retail engagement almost non-existent. If retail participation seems to be almost non-existent, it could indicate a change in market dynamics.
The cryptocurrency landscape can change rapidly, as can investor preferences and behavior. There is a possibility that investors will shift their attention to more promising or attractive projects or platforms. Therefore, it is advisable to take precautionary measures when investing in meme coins.
meanwhile Pepe is gone multichain with its new bridge powered by Layerzero Labs, which allows users to freely transfer their $PEPE via Ethereum, BNB, and Arbitrum. The bridge can be accessed via Pepe. VIP and clicking on the bridge in the menu.
In addition to this update, $PEPE has also been listed on more exchanges, including Gemini, Kraken, and Wazir. $PEPE is currently trading at $0.00000158, 3.76% more in 24 hours, according to CoinMarketcap.
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What is the PEPE coin:
Pepe is a new meme coin that competes with the existing Doge meme coins. The meme coin was released stealthily, with no pre-sale, no tax, no LP burned, and no contract waiver.
The meme coin's mascot is Furie's Pepe, a cartoon frog with a green humanoid body who first appeared in the 2005 Boy's Club comic. The meme went viral in the 2010s and has continued to resurface even years later. .
Where to find PEPE:
