PEPE Leads Meme Coin Losses as Fresh Token Launches Grab Trader’s Attention

The most important meme cash by market capitalization in Dogecoin (DOGE), Shiba Inu (SHIB), and PepeCoin (PEPE) have been buying and selling within the pink since final week amid the rise of latest rivals within the sector.

Current bearish strikes from Bitcoin (BTC) and Ethereum (ETH) actually haven’t helped both given their excessive correlation to the remainder of the market.

PEPE topped the losses among the many high three meme cash, down 14.9% since final week and 5.5% within the final 24 hours. It’s at the moment buying and selling at $0.00000144 with a market capitalization of $619 million.

Nonetheless, on a 30-day scale, PEPE is up 52.5% after posting spectacular triple-digit features throughout June’s meme coin rally.

New meme cash taking the highlight

The launch of copycat tasks like PEPE 2.0 and Shib 2.0 captured the market’s consideration final week.

PEPE 2.0’s market capitalization soared over $50 million inside just a few days of its launch, per CoinGecko knowledge.

On the similar time, a brand new meme coin mission, Wall Avenue Memes, created by the crew that introduced the favored Wall St Bulls NFT assortment, has raised over $13 million in lower than every week.

The arrival of latest rivals within the house probably shifted the dealer’s consideration away from PEPE. This may be seen within the declining buying and selling volumes for the meme cash, falling beneath pre-pump ranges in June.

The damaging value motion in BTC and ETH final week amid fee hike expectations by the U.S. Federal Reserve probably added to the promoting strain in meme cash.

BTC briefly misplaced help at $30,000 on Friday final week, final buying and selling at $30,165.

ETH additionally slipped beneath $1,900 as patrons failed to take care of the constructive momentum from June, final buying and selling at $1,861.