Pepe is a top meme coin in the crypto market but suffered massively due to the general decline of the broader crypto market. But it is back with a comeback after rising by more than 23% in one day, pushing the valuation of the token to over $5 billion. In this article, we will explore the price decline of Pepe in the last weeks and its recent price surge.
Massive Decline for Pepe in the Previous Weeks
Before having an over 23% increase in one day, Pepe was among the many memecoins and altcoins plagued by the massive Bitcoin price decline. This is the reason why the monthly chart of this memecoin is only showing a little bit of a 1% increase. Pepe is in its recovery period and has managed to remain profitable despite the massive decrease.
As of June 16th, the price of this token was at $0.0000122. However, Bitcoin coming down to less than $54k made the price of this memecoin decrease to as much as $0.0000075 on July 5th, and it was accompanied by massive liquidations in the market.
Even in the weekly chart of this token, the lowest price of Pepe was at $0.0000081 after starting the week with a price of $0.0000091. Within this period, the market valuation of Pepe suffered massive losses, with the lowest in the past 30 days being at $3.1 billion. However, it has made a comeback.
Pepe Surges by Over 23% in 24 Hours as YTD Growth Increases to 700%
There was a price resurgence in the price of Pepe, growing by more than 23% in the last day to increase to $0.00001265 while the lowest price is at $0.0000093. This is a welcomed development and many investors are speculating on the price of this token increasing further in the coming days.
According to data from CoinMarketCap, there’s been over 30% increase in the price of this token in the last seven days, bouncing back from its low of $0.0000081 to over $0.00001263. Moreover, in the last 3 months, Pepe has also boasted of an increase of more than 130% while its year-to-date data shows an interesting 760% growth.
At the time of writing, the market capitalization of this token is also showing an increase to $5.1 billion. Compared to the YTD data, Pepe had a market cap of less than $600 million one year ago. However, the highest market cap within the YTD period was over $7 billion, although it is currently at over $5.1 billion while the trade volume is over $2 billion.
Final Verdict and Price Speculations
Despite the struggles in the market, Pepe is making a good comeback after having an increase of over 23% in one day. Moreover, this was also a massive boost for the market valuation and YTD data, with an increase of over 700%. There are speculations about what might happen to PEPE’s price in the next month. According to some analysis, this token could increase by 230% and reach $ 0.000040 by August. Moreover, with Bitcoin touching almost $65k, the crypto market might really be on the path of recovery.
Cover Image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
