Pepe (PEPE) has seen a 15% drop in recent days, leading Litecoin (LTC) to overtake memecoin in terms of market capitalization.
PEPE ended its recent uptrend with a 15% drop
PEPE had a great month of May as its price was on a strong upward trajectory, but the asset slipped in the last days of the month as it suffered a decline.
The chart below shows what memecoin’s performance has looked like over the past month.
The price of the asset has observed some decline during the last few days | Source: PEPEUSD on TradingView
PEPE had started the month trading around $0.0000061 and at the start of this week, the cryptocurrency had almost tripled its value by crossing the $0.0000170 mark.
However, since that spike on Monday, the frog-themed coin has suffered a notable decline. Currently, the coin is trading around 0.0000143, implying that its value is down more than 15% from the high.
Earlier today, things looked even worse for PEPE investors as its price fell below $0.0000132. The asset has rebounded from this low, but it is unclear whether this recovery will last.
It is clear from the chart that while this drop was notable, holders who bought early in the month would still be holding significant profits. Most notably, their holdings would increase by more than 134% during this period.
A consequence of the latest downward trend was a change in the position of memecoin on major cryptocurrencies. market capitalization list.
Looks like the market cap of the coin is around $6 billion right now | Source: CoinMarketCap
Not long ago, Pepe was trading blows with Polygon (MATIC), but after the decline, the asset’s market cap is now only 21st in the industry. However, the gap with Litecoin at 20th is not that big at the moment, so it is possible that the coin could re-enter the top 20 if its rebound continues.
Internet-Frog-Based Token Remains Most Profitable Memecoin
Despite the setback that PEPE saw during its rally, data from the market information platform In the block suggests that the asset still leads in terms of total percentage of holders who hold unrealized profits.
Below is a chart that shows the trend of this metric for the industry’s top memecoins over the past year.
The value of the metric appears to have been the highest for PEPE recently | Source: IntoTheBlock on X
With a holder profitability rate of over 90%, PEPE leads the list of memecoins in terms of this metric, above Dogecoin (DOGE) and Shiba Inu (SHIB).
In general, liquidations the higher the value of this ratio becomes, as investors seek to reap their profits. So, the recent high profitability could be the reason why the asset suffered a crash recently.
Featured image from Dall-E, CoinMarketCap.com, IntoTheBlock.com, chart from TradingView.com
