The Pepe (PEPE) memecoin has experienced a significant decline, with its market cap dropping from $1.65 billion to less than $500 million in just one week. Despite this, some traders, including Machi Big Brother, continue to stockpile the asset.

However, the decline in Pepe's value has not deterred the crypto community's interest in memecoins, as new meme assets like Lady, Sponge, Four, Turbo, and others gain momentum. Milady memecoin LADYS is currently enjoying the most hype, with several traders swapping their Pepe positions for the token after Elon Musk tweeted a picture relating to the Milady NFT.