Memcoin quickly gained popularity among merchants as their preferred coin for fast profits. Simultaneously, investors flocked to this new meme-coin with hopes of making significant gains.
However, the excitement surrounding Pepe Coin has now started to fade. Glauber Contessoto, a Dogecoin multimillionaire, took to Twitter to officially declare the death of Pepe Coin.
$PEPE IS OFFICIALLY DEAD 🐸🚫
— SlumDOGE Millionaire (@ProTheDoge) May 30, 2023
In 2021, Glauber Contessoto became a Dogecoin millionaire by investing around $250,000 in DOGE. Surprisingly, his investment grew significantly within a few months. When Contessoto bought Dogecoin, it was trading at around 4.5 cents. As the cryptocurrency reached an all-time high of 73 cents, his Dogecoin holdings reportedly exceeded $2 million.
Contessoto defended his actions by mentioning that he accurately predicted the peak of Pepe Coin when its market value was around $1.5 billion and advised traders to sell. Since then, Pepe Coin has been consistently declining.
The Dogecoin millionaire has formed the opinion that Pepe Coin is a failure due to various reasons. One significant factor is the decreasing occurrence of large transactions made by influential individuals, commonly referred to as whales. During the peak of excitement, there were approximately 2,720 transactions valued at $100,000 or more in a single day in early May. However, currently, the number of such transactions has dropped significantly to just over a hundred.
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Following its peak value of $1.65 billion, the total worth of Pepe Coin has declined to a range of $500 to $600 million. Over the past two weeks, the market cap has remained relatively steady, as depicted in the chart below.
Based on on-chain data, new participants joined the group at the start of the month. However, they have now chosen to leave. According to ITB data, the number of new addresses has dropped by 43.85% in the past week, while the number of active addresses has decreased by 16.66%.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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