All the good things come to an end. Pepe coin party is no exception.
It’s time to sober up and leave the meme party.
Pepe coin, one of the most talked about meme coins of the past weeks, is no longer in traders’ vogue.
According to Coinmarketcap, in the past week its market cap has decreased by over $1 billion from the peak observed on May 5.
Meanwhile, its price went down from $0.0000042 to $0.0000016 press-time.
Meme coin’s price dynamics. Source: Coinmarketcap
Despite the decline, some cryptowhales appear to continue buying the coin. Such as “Machi Big Brother”, former entrepreneur Jeffrey Huang’s alias. In the past three days, he purchased 73.4 ETH worth of Pepe, according to Lookonchain.
Notably, many Twitter users doubted the rationale of this decision. One of them, who goes by the name Ambitiouslifestyle.eth wrote, “He knows it will eventually pay for his NFT gambling debt he banked up from Blur farming hahahahahahah.”
Ambitiouslifestyle.eth’s tweet Source: Twitter
It is unclear what will happen to Pepe next.
Meanwhile, today Coinbase, has found itself at the center of a controversy with the meme community after referring to Pepe the Frog as a "hate symbol" associated with the alt-right movement in a recent email communication.
Previously, GNCrypto reported that Pepe the Frog is making headlines on Twitter.
