In the last week, $PEPE, a widely known memecoin, has experienced a decrease in its value. Despite being listed on major centralized exchanges such as Binance and MEXC, meme token prices are currently facing a downward trend.
For the past few weeks, $PEPE has been making new cryptocurrency millionaires. After launch, $PEPE has went up %41.636.607.66, as reported by Dexscreener. Many people have been accumulating $PEPE in recent weeks and have seen massive gains, even though it wasn’t initially accessible to everyone.
The decrease in $PEPE’s price has led to a downward trend among all memecoins.
In recent days, the decline in $PEPE’s value is not unique, as other popular memecoins, including $WOJAK and many others, have also experienced losses in value, whether they are listed on centralized exchanges or not.
Crypto Twitter influencers are warning of a potential “shitcoin crisis.” The hype around $PEPE has led to the emergence of many memecoins and “shitcoins,” causing higher Ethereum gas fees and transaction volumes. However, out of the many newly launched cryptocurrencies, only 1% have achieved gains comparable to $PEPE, with many failing or experiencing rug pulls soon after their launch.
While the price of memecoins, especially $PEPE, is highly volatile and difficult to predict, the hype seems to be slowing down, with the price having decreased by 30%. Investing in memecoins is generally considered high-risk, whether listed on a centralized exchange or not.