The Pepe coin outpaced the competition on February 17th, becoming the highest-earning token out of all top-10 memecoins by market capitalization.
$PEPE began the day trading at around $0.00000947. During its daily peak, the frog-inspired currency reached as high as $0.00001057. Overall the memecoin is up by 4.58% over the last 24 hours.
This performance is significant when compared to the rest of the memecoin market, where most tokens saw a significant decrease in value in a daily timeframe. Dogecoin and Shiba Inu lost 3.18% and 2.17%, respectively—while the $TRUMP token lost a whopping 8.62% in the same period.
In a weekly timeframe, the Pepe token is up by 6.58% in value.
However, looking at the currency from a monthly timeframe reveals a more worrisome outlook.
Pepe Erased $6 Billion in Market Value in 3 Months
Right after riding a bullish trend to its highest-ever price at $0.00002831 on December 9, the frog-inspired currency found itself on a significant downward trend of which it still hasn’t been able to recover.
Since then, the memecoin lost over 61% in value, before finding support in the $0.000010 zone, according to CoinMarketCap.
Its market capitalization also took a hefty hit, erasing over $6 billion in market value, dropping from $11.10 billion in December to today’s $4.25 billion.
While it is difficult to attribute a reason for this drop in value seen not only by Pepe, but by nearly all memecoins, there is an argument to be made that the joke-inspired currency market is today more competitive than ever.
The entrance of the two “Presidential” memecoins $TRUMP and $MELANIA have taken liquidity away from regular projects. Also, the Solana ecosystem is becoming notorious for pumping new memecoins with the potential to become fan favorites in a glimpse.
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