Reflexes
- Investors have been making a profit on Pepe's coin.
- PEPE is still heading towards earnings for the month of May.
- Most meme coins are currently caught in the broader crypto market downdraft, but the Floki coin has made gains.
Meme coins are not immune to the cryptocurrency market downdraft. After distracting investors for a while, meme coins are now caught up in selling pressure. pepe coinThe latest meme coin to excite the cryptocurrency scene, it's down around 16% in the past week as crypto bulls switch to buying mode.
Investors have made some gains on the PEPE token, but it is still on track to make a profit for May. So far this month, Pepe's coin has more than doubled in value in what has been a volatile few weeks for the 72nd cryptocurrency by market capitalization.
Pepe, a play on the Pepe the Frog meme, is still new to the crypto scene and only launched in April. However, it has already seen a market cap of over $1.5 billion. However, that value has more than halved to around $569 million.
One positive catalyst for the Pepe coin is that cryptocurrency exchanges can't seem to get enough of this meme coin. Most recently, Kraken jumped on the meme coin bandwagon and announced that he added the PEPE token as his latest futures contract. However, this list is not available in the US or Canadian markets.
๐ฃ Milestone Alert: Our 100th Linear Perpetual Futures Contract Is Here!$PEPE @pepecoineth ๐ธ
Explore futures on Kraken Pro
๐ https://t.co/tzJZTVBt7C*Geographic restrictions apply pic.twitter.com/RwqQ4q9bnv
โKrakenPro (@krakenpro) May 25, 2023
Ducal Transactions
Dogecoin, the meme coin that started it all, is currently hovering around $0.7259 as DOGE bulls begin to target the $1 threshold. The Dogecoin network is showing signs of strength, with the number of transactions recently setting a record of over 2 million transactions processed.
Floki Coin reverses the downward trend
Floki Coin has been the exception to the rout of meme coins lately. FLOKI, which was inspired by Elon Musk's pet Shiba Inu, is up 13% in the last 24 hours to $0.0000359. Floki's value has more than tripled so far this year.
Floki is proud to be more than just a meme coin It's part of a larger ecosystem that includes an increasingly popular game called Valhalla, which is still in the testing phase.
Floki is also a play on Web3 and the fledgling DeFi market, including what is known as the FlokiFi Locker Protocol, whose total value locked (TVL) has racked up nearly $40 million at its peak.
