Bitrabo Editorial
Pepe (PEPE) experienced a 15% decline recently, causing Litecoin (LTC) to surpass it in market capitalization, pushing PEPE out of the top 20 cryptocurrencies list.
PEPE’s Bullish Run Ends With a 15% Drawdown
PEPE had a strong performance in May, with a significant price increase, but it faced a drawdown in the latter part of the month.
The chart below illustrates the performance of PEPE over the past month.
Starting the month at approximately $0.0000061, PEPE almost tripled in value, reaching over $0.0000170. However, it has since dropped to around 0.0000143, a decline of more than 15% from its peak.
At one point, the price fell below $0.0000132, but has since recovered slightly. The future of this recovery remains uncertain.
Despite the recent decline, early investors in the month would still be holding profits of over 134%, as shown in the chart.
The drop in price has caused PEPE to fall out of the top 20 cryptocurrencies by market cap.
Previously competing with Polygon (MATIC), PEPE is now ranked 21st in terms of market cap. However, a small gap separates it from Litecoin in 20th place, indicating a potential re-entry into the top 20 with a continued rebound.
PEPE Tops Memecoin Profitability Despite Recent Decline
Although PEPE saw a setback in its rally, data from IntoTheBlock suggests that it remains the most profitable memecoin in terms of the percentage of holders with unrealized profits.
The chart below displays this metric for major memecoins over the past year.
With a holder profitability ratio exceeding 90%, PEPE leads in this metric compared to other memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The high profitability ratio can lead to selloffs as investors seek to capitalize on their gains, potentially contributing to the recent price decline.