Crypto General News

Investor Profit Sell-Off Results in 6% Price Drop for Pepe Coin

Investor Profit Sell-Off Results in 6% Price Drop for Pepe Coin
Investor Profit Sell-Off Results in 6% Price Drop for Pepe Coin

Pepe Coin, a meme token that has gained popularity in the cryptocurrency world, has been making headlines lately. Unfortunately, the token’s value has experienced a 6% decrease in the past week, as investors have been selling off their shares to get some profits.

About Pepe Coin 

Pepe Coin was initially launched in a discreet manner and quickly caught the attention of many, as it underwent a staggering 1000% increase in value in the first two days. Presently, it holds a prominent position in the top 100 coins, with its trading volume remaining significantly higher at $750 million market cap, in contrast to just a few days ago.

The Gemini Foundation, a global derivatives platform, has revealed its plan to distribute 6 billion PEPE tokens to 100 lucky users. Winners will be selected randomly, with each receiving 60 million PEPE coins. Notably, Pepe is listed on other major crypto exchanges such as Binance, Kucoin, and Crypto.com. At present, Binance is leading in trading volume, accounting for nearly 25% of the PEPE/USDT pair.

Reason for the Decline 

The worth of Pepe Coin has recently decreased, possibly due to traders engaging in speculative trading of the token. This led to a rise and subsequent fall in its value. Nonetheless, Pepe Coin remains highly exchangeable, and a few major investors still hold substantial amounts of it. Therefore, it is likely that Pepe Coin could encounter further increase in its value in the coming days.

Also read: Sotheby’s Sets New Record with Three Arrows Capital’s NFT Collection Auction

Pepe Coin Vs Dogecoin 

Although Pepe coin hasn’t attained the same level of price-based fame as Dogecoin, it has garnered significant interest. According to Messari, a crypto research company, Pepe coin has gained over 107,000 holders in a little over 20 days since its launch, and its market capitalization peaked at $1 billion.

Pepe coin may have experienced a decline in value from its peak, but it still managed to leave a significant mark in the world of ERC-20 tokens. In fact, no other token in this category has accomplished the same level of triumph as the Pepe coin, especially in a considerably short period of time. On the other hand, investors of Dogecoin have a reason to rejoice as well.ย 

The famous meme coin has observed a recent surge in transactions after the introduction of a new standard called DRC-20. This innovative standard provides developers with an opportunity to design more meme coins using the Dogecoin blockchain. As a result, Dogecoin has also experienced an increase in value of approximately 2% over the past week.

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