New memecoin Pepe (PEPE) has experienced a significant price drop of more than 42% from its all-time high, leaving one investor with paper losses of over $600,000. Despite the decline, Pepe still holds a market capitalization of just over $1 billion and has witnessed over $636 million in trading volume within the last 24 hours. The number of individual holders has also increased steadily over the past three weeks, with 144,534 holders at the time of publication. Memecoins have played a role in the cryptocurrency industry since the creation of Dogecoin in 2013. However, investment in memecoins can be an incredibly risky trading strategy due to the inherent lack of any fundamentals.
All Comments