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What is Pepecoin, and can it flip memecoins Dogecoin and Shiba Inu? By Cointelegraph


© Reuters

The market valuation of Pepecoin (PEPE) has dropped by 65% as of May 12, a week after its record high of $1.54 billion.

Profit-taking appears to be the primary reason behind the extreme price correction as it rallied from almost nothing to as high as $0.00000372 after its launch on April 14, emerging as the fastest-growing ERC-20 token in the crypto market’s history.

PEPE market cap performance since launch. Source: CoinGecko
PEPE holders count. Source: CoinCarp.com
PEPE vs. SHIB market cap per holder. Source: Messari
daily active users. Source: Dune Analytics/Messari
PEPE/USDT four-hour versus weekly price chart. Source: TradingView