PEPE market cap slides below $500M as community interest shifts

The hype astir Pepe (PEPE) memecoin appears to beryllium dying, with the token trading much than 70% distant from its all-time high.

During the past week, crypto traders progressively profited from the memecoin, moving its marketplace headdress from a highest of $1.65 cardinal to little than $500 cardinal wrong a week.

For context, Pepe’s marketplace headdress declined by astir $200 cardinal wrong the past 24 hours to $491.07 cardinal from implicit $600 million, according to CryptoSlate’s data.

Meanwhile, the diminution has not stopped whales similar Machi Big Brother from stockpiling the asset. On-chain sleuth Lookonchain reported that the trader bought 66 cardinal Pepe tokens betwixt May 8 and May 10.

Community shifts involvement to others

However, the diminution successful Pepe’s worth does not mean the crypto community’s involvement successful memecoins has waned. On-chain information suggest that much memecoins are being developed, drafting wide interest from entrepreneurs similar Justin Sun and crypto exchanges listing them.

New meme assets similar Lady, Sponge, Four, Turbo, and others are gaining momentum arsenic much traders ape into them. One trader who made a nett of $14.5 cardinal trading Pepe has been buying Turbo and present holds 1.47 cardinal of the tokens.

Meanwhile, Milady memecoin LADYS appears to beryllium enjoying astir of the hype arsenic respective traders are swapping their Pepe positions for the token.

The memecoin saw accelerated involvement aft Elon Musk tweeted a representation relating to the Milady NFT — causing the worth to emergence by much than 7000%, according to Coingecko data.

Even celebrated figures successful crypto — similar 0xSisyphus, and concern steadfast DWF Labs — are actively trading the memecoin.

Although respective radical made profits connected LADYS, determination person besides been losses. One trader lost 100 ETH trading the memecoin aft initially buying 2 trillion LADYS for 174 ETH and selling for 73.5 ETH.

The station PEPE marketplace headdress slides beneath $500M arsenic assemblage involvement shifts appeared archetypal connected CryptoSlate.