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Pepe Coin (PEPE), which quickly became one of the popular cryptocurrencies in its market following its high rate of value increases recorded in May 2023, recorded a massive decline in recent months following the increases in May. Pepe coin, which caught a downward momentum in recent weeks, started trading from 0.0000015 dollar price levels after recording a value loss of nearly 20% within the last week.
The Cryptocurrency Market is on the Decline
Bitcoin (BTC), the leading cryptocurrency that started the first day of the new week with a decline, retreated to the 30,100 dollar price levels. The cryptocurrency market, affected by BTC’s loss of value, started to decline again. Ethereum (ETH), after its recent value losses, started trading from 1865 dollar price levels. The total market value of the crypto ecosystem, according to CoinMarketCap (CMC) data, retracted to 1.17 trillion dollars.
On the other hand, with the cryptocurrency market showing a downward trend again, Pepe coin, which caught a downward momentum in recent weeks, accelerated its value losses during the day, retreated to 0.0000015 dollar price levels and was among the cryptocurrencies that lost the most value percentage-wise on the day.
Value Loss Approached 20%
Pepe Coin, which was launched in April 2023 and quickly became one of the popular cryptocurrencies in the market with its high rate of value increases recorded in May 2023, witnessed a striking decline as the market started to decline again in recent weeks. During the timeframe in May 2023 when Pepe coin’s rises gained momentum, many analysts drew attention to the striking rises and speculative price movements recorded in a short time and warned investors about potential declines.
Indeed, Pepe coin, which caught a strong downward momentum in recent weeks, started trading from 0.0000015 dollar price levels after recording a value loss of nearly 20% within the last week and a value loss of 5% within the last 24 hours according to CoinMarketCap (CMC) data.
Following these declines, Pepe coin entered among the cryptocurrencies that lost the most value percentage-wise both within the last week and the last 24 hours according to CMC data, also among the top 100 cryptocurrencies by market cap.
