PEPE, a popular memecoin, has experienced a surge in value by 28% in the last 24 hours, making it the biggest market gainer during this period. This recent price rise has provided relief for PEPE investors who thought the meme token was on a steady decline all week. Although there is no guarantee that PEPE could be on its way to pulling off another stunning market performance, its resilience may just set it apart from most short-lived meme coins. Despite criticisms of meme-inspired cryptocurrencies, PEPE remains the best-performing token of the moment, gaining over 405% in the last 14 days and over 2,331% since its launch on April 17.

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.

The cryptocurrency market has experienced a downturn, resulting in a $40 billion decrease in the global crypto market cap. Bitcoin has been leading the trend, dropping below its recent floor of $27,000 to its current price of $26,300. Most of the cryptocurrencies in the top 10 by market cap have decreased by around 6% over the last seven days, while memecoins like pepe and shiba inu have seen even more significant drops. Meanwhile, the wider markets remain largely unchanged.

This week's cryptocurrency market update focuses on Ethereum, Ripple, Cardano, Pepe, and Dogecoin. Ethereum has experienced a 7.4% decline, with the key level at $1,800 now acting as resistance. If the key support at $1,660 holds, Ethereum may maintain its macro uptrend. Ripple has lost 8% of its value, with sellers in charge and a likely scenario for the price to fall until the 40 cents support. Cardano has fallen by 7.7%, with the head and shoulders reversal pattern confirmed and a likely target of the support at 34 cents. Pepe has crashed by 37%, with support at $0.0000010 and a high likelihood of crashing by over 90%. Dogecoin has fallen by 10.5%, with a test of the key support level imminent.

The value of the memecoin PEPE has been volatile this year, with a market cap that peaked at $2 billion before declining. Many PEPE tokens have been deposited in crypto exchanges, which could indicate a potential sell-off and a decrease in value. The deposits came from 1,176 unique wallet addresses, resulting in a net gain of $22.94 million for the exchanges. Currently, PEPE's native token is trading at $0.000001268, having dropped by 0.51% in the past hour.

Attorney Bill Morgan has criticized Coinbase's Chief Legal Officer, Paul Grewal, for apologizing to the Pepe community but not to XRP enthusiasts. Grewal issued a public apology to Pepe enthusiasts after the exchange linked the meme-based cryptocurrency to an alt-right hate symbol. However, Morgan pointed out that Coinbase has not apologized to XRP community members for halting trading of the crypto asset on the exchange or for failing to distribute the Songbird airdrop to XRP holders. Morgan has previously commented on Coinbase's decision to halt XRP trading, arguing that the exchange should have relisted XRP if it uses a robust method to relist tokens.

Pepe Coin has experienced a 24% drop in the last 24 hours, bringing its value to $0.00000123, while the overall cryptocurrency market has fallen by 3%. Despite a 36% decrease in the past week, Pepe Coin has seen a remarkable 330% increase in the last 30 days. Although whales are still buying and holding Pepe Coin, its indicators are currently in oversold positions, and its short-term moving average is dropping below its long-term average, indicating a potential further decline before a true recovery. Meanwhile, SpongeBob (SPONGE) has emerged as a promising meme token, with a total maximum supply of 40.4 billion and a growing number of holders. Its recent listing on major exchange Gate.io has boosted its growth, and it may reach $0.0001 in the near future, with the possibility of more exchange listings to come. With 11,900 holders and potential for growth, investing in SpongeBob may be a wise decision.

As the popularity of the PEPE memecoin grows, scammers have started to take advantage of the hype, resulting in multiple scam attempts in the crypto space. PeckShield, a blockchain security firm, has reported at least ten meme coin scams created in the last three days alone, with scam tokens having their liquidity removed and investors being scammed.

According to Matrixport’s head of research, buyers of memecoins are hoping for life-changing money, similar to those who play the lottery. Despite having little to no discernable utility, memecoins such as Pepe and Milady have seen a huge resurgence over the last week.

Top traders are reducing their holdings of PepeCoin (PEPE), indicating a possible decline in the recent meme coin craze. Crypto intelligence firm Nansen reports that "smart money" wallets have decreased their PEPE holdings by $3 million in the past 24 hours.