Meme Coin PEPE Sinks to Rank Five in the Dog-Dominated Token Market
The digital currency market, known for its volatility and unpredictability, has seen meme coin PEPE lose its traction. The meme coin, tied to the popular Pepe the Frog character, once claimed the third spot in terms of market capitalization has now descended to the fifth position. This shakeup in the meme token landscape has been facilitated mainly by dog-themed coins—CORGIAI and BONK—which have successfully climbed to the fourth and third ranks respectively.
What’s Causing the Slip?
With a market valuation of approximately $719 million, CORGIAI surely has an edge over PEPE’s slightly concerning $582 million. What’s also apparent is the canine dominance in the leading meme coins, somewhat leaving PEPE in the shadow of its more popular counterparts.
Trouble brewed for PEPE in August when some team members were accused of misusing $15 million worth of coins. This challenge did see the project’s chief developer vowing to regain trust and decentralize PEPE’s operation. Despite the hit to PEPE’s price following these accusations, it’s worth mentioning that the meme coin still saw a commendable rise of over 2,400% since its record low in April 2023.
However, from its peak in May 2023, it has experienced a dip of more than 67%. Also, a staggering 420 trillion PEPE tokens are currently circulating.
PEPE’s Ownership: Concentrated in a Few Hands?
Among the millions of circulating PEPE tokens, 153,679 unique wallets hold PEPE. Nevertheless, what’s startling is that a massive 42.89% of circulating tokens are controlled collectively by the top ten wallet holders. This skewed distribution is evident when the top 20 wallets hold 51.16%, top 50 wallets control 64.28%, and top 100 wallets possess over 70% of circulating PEPE tokens. Quite shockingly, the top wallet alone held a significant 22.58% of the entire PEPE supply.
As far as PEPE’s transaction history goes, etherscan.io data reveals that it has recorded 2,010,596 transactions. Presently secured at 112 in terms of market capitalization, PEPE has a 24-hour trading volume of $102.75 million.
Popularity of PEPE: A Roller Coaster Ride?
The major trading activity for PEPE as of December 24, 2023 happened on the MEXC exchange. The favored trading pair for PEPE turned out to be the USDT. PEPE has been traded with various currency pairs such as Turkish lira, trueusd (TUSD), and the euro. But what remains clear is that PEPE’s journey unfolds amid great uncertainty. The rise and fall of PEPE serve as a live testament to the fluctuating nature of the digital currency market where nothing is guaranteed.
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Frequently asked Questions
1. What is the Frog-Inspired Meme Crypto, PEPE?
PEPE is a cryptocurrency that draws inspiration from the popular frog meme called Pepe the Frog. It was created as a way to pay homage to the meme and also serve as a digital asset for its community.
2. Why has PEPE slipped to fifth place amid the dog-themed rivalry?
PEPE’s slip to fifth place can be attributed to the increasing popularity of dog-themed cryptocurrencies, such as Dogecoin and Shiba Inu Coin. These dog-themed rivals have gained significant attention and investment, causing PEPE’s ranking to drop.
3. How does PEPE differ from other meme-inspired cryptocurrencies?
Unlike other meme-inspired cryptocurrencies, PEPE specifically focuses on the frog meme culture. It aims to create a vibrant community centered around the Pepe the Frog meme, which sets it apart from other meme-themed coins.
4. What factors contribute to the rivalry between frog-inspired PEPE and dog-themed cryptocurrencies?
The rivalry between frog-inspired PEPE and dog-themed cryptocurrencies can be attributed to the ongoing trend of meme coins. Both groups have passionate communities and are constantly competing for attention and investment in the crypto space, leading to the rivalry between them.
5. Can PEPE regain its position amidst the dog-themed rivalry?
While it is uncertain whether PEPE can regain its previous position, it is important to note that the cryptocurrency market is highly volatile. PEPE’s community and future developments may play a significant role in its potential resurgence and ability to compete with dog-themed rivals.
6. How does the popularity of dog-themed cryptocurrencies impact the overall meme coin market?
The popularity of dog-themed cryptocurrencies has brought increased attention and adoption to the overall meme coin market. It has highlighted the potential for these meme-inspired digital assets to gain mainstream recognition and investment, ultimately benefiting the meme coin market as a whole.
7. What does the future hold for frog-inspired meme cryptos like PEPE?
The future of frog-inspired meme cryptos like PEPE remains uncertain but promising. As long as there is a dedicated community and ongoing development, these coins can still find their niche and attract investors. The meme coin market’s unpredictable nature makes it important to stay updated on market trends and community-driven projects.