Jamal Al-Farouq Despite a noteworthy 29% increase over the past month and a remarkable rise since its launch, the meme token PEPE has experienced an 8% depreciation over the last six months. Previously ranking third in the meme token market, PEPE has now fallen to fifth place.
PEPE’s Cryptocurrency Path: Facing Challenges in a Volatile Market
Pepe the Frog, the face of the meme token PEPE, now ranks fifth in market capitalization among meme tokens. As of December 24, 2023, the meme tokens CORGIAI and BONK have moved up to fourth and third places, respectively.
With a market value of around $719 million, CORGIAI surpasses PEPE, which is valued at $582 million. The dominance of dog-themed meme tokens is evident, as PEPE, inspired by a frog character, struggles to compete with its canine-themed counterparts.
Overview of the Top Five Meme Tokens by Market Capitalization
PEPE’s trajectory hit a rough patch in August following allegations against former team members for misusing $15 million in tokens. The lead developer pledged to regain trust and enhance PEPE’s decentralization.
This controversy initially led to a significant price drop for PEPE. However, it’s noteworthy that PEPE has surged by over 2,400% since its all-time low in April 2023. Still, it has seen a more than 67% fall from its May 5, 2023, peak. The circulating supply of PEPE tokens stands at 420 trillion.
PEPE tokens are held across 153,679 unique addresses. Notably, the top ten holders own 42.89% of the total supply, showing a high concentration of ownership.
This trend extends further: the top 20 wallets hold 51.16%, the top 50 control 64.28%, and the top 100 possess over 70% of PEPE’s circulating supply. The leading wallet alone holds a significant 22.58% of the total PEPE supply.
PEPE has been part of 2,010,596 transactions, according to etherscan.io. Currently, PEPE is 112th in market capitalization and has a 24-hour trading volume of $102.75 million.
The primary exchange for PEPE trading is MEXC, with USDT as the most common trading pair. PEPE also trades in various currency pairs, including the Turkish lira, U.S. dollar, TUSD, and the euro.
The story of PEPE in the crypto market highlights the unpredictable nature of this sector. Even with its resilience and high points, PEPE’s future is uncertain in the dynamic digital currency world.
Meme tokens can quickly gain and lose prominence, illustrating the volatile nature of the crypto market. PEPE’s journey is emblematic of these fluctuating trends, and its ultimate fate remains to be seen.
What are your views on PEPE’s market performance and challenges? Feel free to share your perspectives and opinions on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about PEPE Meme Token
What is the current market position of the meme token PEPE?
As of December 24, 2023, the meme token PEPE, inspired by Pepe the Frog, holds the fifth position in the market capitalization hierarchy among meme tokens. It has faced a decline of 8% over the past six months, despite a 29% increase in the last month.
How does PEPE compare to other meme tokens in terms of theme and market value?
PEPE, with its frog-inspired theme, stands out among the leading meme tokens, which predominantly feature canine themes. However, it lags behind in market value, with tokens like CORGIAI and BONK surpassing it in market capitalization.
What challenges has PEPE faced recently?
PEPE encountered significant setbacks in August when allegations of misappropriation of $15 million in tokens surfaced against former team members. This controversy impacted PEPE’s price negatively, although the lead developer committed to rebuilding trust and decentralizing the project further.
What is the concentration of PEPE ownership among its holders?
PEPE shows a high concentration of ownership, with the top ten holders controlling 42.89% of the circulating supply. This concentration increases further up the ownership chain, with the top 100 wallets holding over 70% of the circulating PEPE tokens.
How active is the trading of PEPE, and where is it primarily traded?
PEPE has been involved in over 2,010,596 transactions. As of late 2023, it ranks 112th in market capitalization with a significant trading volume. The primary platform for PEPE trading is the MEXC exchange, with USDT as the favored trading pair.
More about PEPE Meme Token
- PEPE Token Market Analysis
- Meme Token Market Trends
- Cryptocurrency Ownership Concentration
- PEPE Trading Platforms and Volume
- Digital Asset Volatility and Predictions
4 comments
Interesting read, did’nt realize how volatile these meme tokens could be. PEPE’s journey’s been a wild ride for sure, wonder what’s next for it.
Good analysis but what about the broader market impacts? Can’t just look at PEPE in isolation, everything’s interconnected in crypto…
i’m not surprised by the ownership concentration, seems like a few big players always dominate these meme tokens. it’s the same story every time.
wow, PEPE’s really fallen behind huh? guess its tough when you’re up against all those dog coins…still, 2400% since April’s impressive!!