As Bitcoin and other leading altcoins experience volatility, the meme cryptocurrency Pepe (PEPE) continues to lose ground in the early part of 2025.
Meme Cryptocurrency at a Crossroads
As of today, the market cap of meme tokens has dropped by over 11% in the last 24 hours, while trading volume increased by 52%, reaching $15.22 billion. The largest meme coins, Dogecoin and Shiba Inu, plunged by 12% and 11%, respectively.
Role of Whales in PEPE's Downturn
According to Spot On Chain, whales are unloading their PEPE holdings amid market instability. One major holder transferred 210 billion PEPE (approximately worth $4 million) to Kraken, and total offloading reached 427 billion PEPE in the last two days. The whale's wallets still hold more than 1 trillion tokens valued over $18.4 million. The recent 11% decline in PEPE's price over the last day could be largely attributed to this.
Current Situation and Impact on PEPE
Over the past 30 days, Pepe's price has dropped by 28%, which corresponds to a 7% year-to-date decline. At the time of writing, PEPE is trading at an average price of $0.00001838, which is 35% below its all-time high, recorded on December 9, 2024. With Bitcoin's price dropping, Pepe Coin's momentum also seems to be weakening. Its daily trading volume dropped to $1.4 billion, significantly lower than the $18 billion mark back in November. Despite a slight rise in social activity, current figures are far below last year's peaks, indicating waning interest.
Pepe and other meme cryptocurrencies continue to face resistance amid the overall downturn in the cryptocurrency market. The future of PEPE will depend on the market's general state and the behavior of major investors.
