A rally in a brand-new meme-coin hit a roadblock Tuesday when the market value of the token PEPE neared $2 billion. The 12% decline against the U.S. dollar, plummeted its market valuation beneath the $1 billion threshold to a present value of $790 million.
The meme-coin marketplace was shaken and took a 7% loss against the dollar, with the top six prominent meme tokens experiencing losses within 24 hours.
Experts are predicting this may be bad news for Bitcoin.
Launched in mid-April 2023, PEPE became a tradeable commodity. The PEPE meme token, inspired by Pepe the Frog joined other popular meme-coins like dogecoin and Shiba Inu tokens.
Meme-coin saga
Meme-coins are cryptocurrencies created with the likeness of internet memes. In most cases, they are popularized and promoted by influencers. Elon Musk made dogecoin and baby doge famous.
Numerous investors reaped big bucks when the PEPE meme token market was surging. And on May 5 it reached its all-time high (ATH) of $1.8 billion. Unfortunately, since then it plunged over 50%. And by May 9 its market valuation rests below $1 billion at $790 million.
