PepeCoin made its debut in the Cryptocurrency market last month. Once launched, it gained attention and became the preferred token for traders to quickly profit
PepeCoin made its debut in the Cryptocurrency market last month. Once launched, it gained attention and became the preferred token for traders to quickly profit. At the same time, investors are also starting to transfer funds to this new meme currency in order to obtain index level returns. However, the hype about Pepe coins has slowly begun to subside. Dogecoin millionaire GlauberContessoto recently claimed on Twitter that PepeCoin has "officially died".
GlauberContessoto was labeled as a Dogecoin millionaire in 2021. At that time, he invested in DOGE
He spent about $250000, and within a few months, his investment surged. When Contexto purchases meme coins, the price of Dogecoin is approximately 4.5 cents. Therefore, when the Dogecoin reached the peak of 73 cents, it was reported that he held more than 2 million dollars.
The current situation
Now, Dogecoin millionaires think PepeCoin is a failure for several reasons. Consider: The whale trade that was ongoing a few weeks ago is slowly disappearing. In early May, when the hype reached its peak, approximately 2.72 million transactions worth over $100000 occurred in one day. Now, this number hovers around the threshold of 100.
Next, from its peak market value of $1.65 billion, PepeCoin's total value has now dropped to $50 to $600 million. In fact, as shown in the figure below, the market value has stagnated for two weeks.
In terms of on chain data, participants join the network at the beginning of the month. However, now they are leaving. According to data from ITB, the number of new addresses decreased by 43.85% in the past week, while the number of active addresses decreased by 16.66% during the same period, confirming this claim.
At the same time, the transfer volume has also shrunk to almost zero. As shown in the figure below, in mid April, the online transfer volume briefly flashed to 1550 trillion PEPE. The curve has almost flattened now. As of the time of publication, it only reflects the value of 50 trillion PEPE.
Each coin has two sides, right?
Nevertheless, PepeCoin seems to be not over yet. The intensity of the decline and rise of memes is the same. In fact, Dogecoin and ShibaInu's pumps and drop downs are the same exhibits. Although the status of most indicators is not as attractive, it is interesting to note that the Pepe coin is still the third largest meme coin in the field. In addition, it should be noted that at present, most investors are either profitable or break even, with only 1/5 of investors in a loss state.
At the same time, addresses with balances have not yet started dumping. In fact, they are gradually rising. At the beginning of May, only approximately 104.95k addresses had investment portfolios composed of PepeCoin. Now this number is as high as 115.09k.
Therefore, announcing PepeCoin's death does not seem entirely fair. Some people in the community expect PepeCoin to show a parabolic trend starting from here and are eager to purchase more coins. In fact, people directly told Contessoto that he had already reached "Jim Cramer's investment level" by this time.
In his defense, the Dogecoin millionaire stressed how he correctly determined that PepeCoin's market value was about $1.5 billion and asked investors to sell it. After announcing the high price, PepeCoin continued to sell day after day.
Here, it is worth recalling that Contessoto earlier stated that the best time to buy PepeCoin is when it drops by 80-90% from its historical high of $1.5 billion in market value. Now, as things begin to decline, PepeCoin seems to be approaching the threshold, and Contexto has already given up on PepeCoin.
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