PEPE (PEPE) has been holding its position as the third-largest meme token in terms of market capitalization, but has been losing value since May 5. The digital currency hit $0.00000431 per unit on May 5, and since then, its value has plummeted by 60% in USD terms. Bitcoin.com News noted on May 8 that the token’s market cap dwindled from $1.8 billion to $790 million. As of May 11, PEPE’s market capitalization stands at an even lower $680 million at 11:00 a.m. Eastern Time.
PEPE’s Recent Performance
Over the past day, PEPE has shed another 14.9%, although its price remains up by a slight 2.3% within the last week. Furthermore, while it has lost 60% since hitting its record high on May 5, PEPE still boasts an impressive increase of 2,825% from its April 18 low point. In relation to global trade volume, PEPE’s figures have halved since May 8, now hovering around $417 million over the past day.
Competition from Rival Meme Tokens
Rival meme tokens like WOJAK, TURBO, and LADYS have presented challenges for PEPE over the last two weeks. These newcomers have gained significant attention recently, with LADYS surging by a significant 3,520% within just one day. The meme currency TURBO also climbed by an impressive 64% during the past week. Consequently, the overall meme token economy experienced a mild decline of 2.9% on Thursday, settling at a total of $17.2 billion.
PEPE’s Supply and Number of Holders
While social media buzz suggests that whales might snap up more PEPE during this dip, the supply held by the top ten holders decreased from 34.07% on May 8 to the current 33.93%. On the other hand, the top 100 PEPE holders increased their holdings from 54% on May 8 to a current figure of 56.15%. Additionally, the number of PEPE holders has swelled from 106,430 to the current tally of 107,617. Despite these changes, PEPE’s market capitalization continues to decrease as it faces increased competition from other meme tokens.
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