• Pepe (PEPE) memecoin has seen a 70% drop in market cap, from $1.65 billion to less than $500 million within the last week.
• Machi Big Brother has been stockpiling Pepe tokens over the past few days.
• Despite the decline of Pepe, the crypto community’s interest in memecoins has not waned, as more are being developed and drawing widespread interest.
Decline of Pepe Memecoin
The hype around Pepe (PEPE) memecoin appears to be dying, with the token trading more than 70% away from its all-time high. During the past week, crypto traders increasingly profited from the memecoin, moving its market cap from a peak of $1.65 billion to less than $500 million within a week. For context, Pepe’s market cap declined by roughly $200 million within the last 24 hours to $491.07 million from over $600 million, according to CryptoSlate’s data.
Whales Stockpiling PEPE Tokens
Meanwhile, the decline has not stopped whales like Machi Big Brother from stockpiling the asset. On-chain sleuth Lookonchain reported that the trader bought 66 billion Pepe tokens between May 8 and May 10.
Interest In Memecoins Not Waning
Community shifts interest to others However, the decline in Pepe’s value does not mean the crypto community’s interest in memecoins has waned. On-chain data suggest that more memecoins are being developed, drawing widespread interest from entrepreneurs like Justin Sun and crypto exchanges such as Binance and Huobi Global .
US Chamber Of Commerce Supports Crypto Industry
At present, even US Chamber of Commerce is siding with crypto industry by blasting Securities and Exchange Commission (SEC). This social support will help push cryptocurrency adoption further into mainstream finance world