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Pepe coin (PEPE), which has lost over 20% in the past week, has further accelerated its losses as the cryptocurrency market shows a downward trend. PEPE recorded an average loss of 6.5% in the last 24 hours, dropping to price levels of $0.00000082.
Losses Exceed 20%
Although the cryptocurrency market started the day with an increase, it experienced a decline throughout the day. The leading cryptocurrency Bitcoin (BTC) started trading at levels of $26,000, losing more than 0.3% in the last 24 hours. Most altcoins in the cryptocurrency market experienced varying degrees of losses during the day. Some cryptocurrencies also experienced high losses during the day due to the decline in BTC and the downward trend in the cryptocurrency market.
Furthermore, Pepe coin (PEPE), which has lost over 22% in the past week, has further accelerated its losses due to the decline in the cryptocurrency market. Pepe coin recorded an average loss of 6.5% in the last 24 hours, dropping to price levels of $0.00000082.
Will the Decline Continue?
Pepe coin experienced a strong upward momentum in May 2023 and reached its all-time high price level of $0.0000042 during this period. In addition to the increases recorded in May, Pepe has continued to rise despite market declines in recent months. However, crypto analysis platform Santiment suggested that the recent increases in speculative cryptocurrencies such as PEPE and SHIB may be largely due to low market volatility.
Indeed, Pepe coin and Shiba Inu (SHIB), which experienced significant declines after the previous increases, have recently gained strong downward momentum. Since reaching $0.0000042 on May 5th, Pepe coin has lost over 80% and dropped to price levels of $0.00000082. Many analysts suggest that if the cryptocurrency market continues to decline and Pepe coin falls below $0.00000082, the losses could deepen.
