PEPE News: Market Downturn Hits Meme Coins as PEPE Drops 13%

The meme coin market has experienced a significant downturn, with the overall market cap dropping 8.7% in the last 24 hours to $101 billion, nearing the critical $100 billion mark. Among the top 10 meme coins, PEPE has seen a notable decline of 13%, while FARTCOIN and PENGU have dropped by 20% and 15%, respectively. Despite this pullback, meme coins continue to be a central narrative in the cryptocurrency space, with platforms like Pumpfun and Moonshot attracting significant attention. The number of launched tokens is projected to potentially reach 100 million this year, indicating that the meme coin trend is far from over.

Meme Coins Market Overview

Meme coins' market cap has dropped 8.7% in the last 24 hours to $101 billion, nearing the $100 billion mark. All top 10 meme coins are down, with FARTCOIN dropping 20%, PENGU 15%, and PEPE 13%. Despite this pullback and cooling hype around coins like TRUMP and MELANIA, meme coins remain a central narrative in crypto. With the number of launched tokens potentially hitting 100 million this year, platforms like Pumpfun and Moonshot continue to attract significant attention.

Pepe Coin (PEPE) Price Prediction For January 29

Pepe Coin (PEPE) has experienced significant volatility recently, currently priced at $0.000012, marking a 20% decline over the past week. Despite this, there are indicators suggesting a potential rebound. The market Value to Realized Value (MVRV) metric, which has historically signaled recoveries for PEPE, shows promising signs. Previous rebounds following similar MVRV readings have seen increases of 72%, 71%, and 51%. This could indicate a buying opportunity if historical patterns repeat.

$PEPE Whale Makes $51.25M from Mere $3K

A significant investor in the cryptocurrency $PEPE, known by the wallet address '0xc25', has recently captured the attention of the crypto community by turning a $3,000 investment into a staggering $51.25 million profit. This remarkable gain was achieved after a six-month period of inactivity in the crypto market. According to on-chain analytics platform Spot On Chain, the whale deposited 500 billion $PEPE tokens, valued at approximately $5.73 million, into Coinbase about 11 hours prior to the report. The initial investment was made on April 15, 2023, when the whale purchased 4.914 trillion $PEPE tokens for just $3,010. Over time, the investor gradually cashed out 3.66 trillion $PEPE tokens, realizing the massive profit. This event highlights the volatile and potentially lucrative nature of cryptocurrency investments.