The memecoin was among the top 50 largest digital assets just days ago.
Trending memecoin Pepecoin (PEPE) has plummeted by more than 55% in the last four days after a remarkable performance turned several investors into overnight millionaires.
The memecoin, which jumped to the 45th largest cryptocurrency by market capitalization within three weeks after its launch, began a downward spiral on Friday, May 5, after it was listed for trading on Binance, the world’s largest crypto exchange.
PEPE Drops 55% From ATH
The decline in PEPE’s price also affected its market cap, which moved from less than a million dollars at its launch in mid-April to more than $1.2 billion on Friday. The asset’s market cap is now just over $764 million, with the token shredding more than $400 million in the past few days.
Is the Hype Over?
Following PEPE’s plunge, speculations have emerged about the token taking the same path its predecessors created. Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which had similar experiences with PEPE, have plummeted significantly from their ATH as the hype around them has died down.
In addition, PEPE’s lack of utility and intrinsic value has fueled the belief that the asset’s soaring price is only temporary, making investors doubt if it is here to stay.