Cryptocurrency Meme Coin PEPE (PEPE) Faces Price Volatility Despite Social Media Hype
Crypto News – The Pepe (PEPE) community found itself in a mix of confusion and excitement as the official PEPE X account posted an intriguing image on a popular social media platform earlier today. The post contained nothing more than a picture of the iconic frog character that served as the inspiration behind the meme coin, clutching a green chart candle.
This latest post was just one in a series of updates shared by the PEPE team over the past few days. In each of these posts, the PEPE frog was depicted attentively observing the token’s price surge higher and higher. It appeared that the team was making a concerted effort to generate excitement around the cryptocurrency, with the hope of propelling its price to new heights.
However, the impact of this particular post from the PEPE team on the meme coin’s price may not have unfolded as they had anticipated. Data sourced from CoinMarketCap revealed that PEPE witnessed a price dip of more than 2% in the last 24 hours.
This decline brought the altcoin’s trading value down to $0.00000131 at the time of the report. While the token did reach a peak price of $0.00000145 during the day, it subsequently retraced to its current level. It is worth noting that PEPE did experience a significant uptick in its 24-hour trading volume, surging by 119% and reaching $378.07 million. However, this increase in volume may largely be attributed to selling activity.
Over the course of the day, PEPE also faced a setback in its performance against Bitcoin (BTC), with a decrease of more than 14%. On a more positive note, despite this recent stumble, PEPE still managed to maintain a 24.98% increase in its performance over the week. Furthermore, PEPE’s price had also climbed by approximately 108% over the past month.
The decline in the meme coin’s price had a direct impact on its market capitalization, which dwindled to approximately $542.81 million. This ranking positioned PEPE as the 77th largest cryptocurrency by market capitalization, closely trailing Trust Wallet Token (TWT) with its own market capitalization of $554,664,534.
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