Pepe Coin made its crypto market debut last month. Right after its launch, it managed to garner attention and become traders’ go-to coin for making quick gains. Parallelly, investors also started diverting funds towards this new meme-coin, in anticipation of fetching exponential returns. However, the Pepe Coin hype has now slowly started to fade. Dogecoin millionaire Glauber Contessoto recently took to Twitter to claim that Pepe Coin is “officially dead.”
$PEPE IS OFFICIALLY DEAD ????????
— SlumDOGE Millionaire (@ProTheDoge) May 30, 2023
Glauber Contessoto earned the Dogecoin millionaire tag in 2021. At that time, he invested around $250,000 in DOGE, and within a couple of months, his investment ballooned. Dogecoin was priced at around 4.5 cents when Contessoto bought the meme coin. Consequentially, when Dogecoin peaked at 73 cents, the value of his holdings reportedly crossed $2 million.
Current Conditions
Now, there are several reasons why the Dogecoin millionaire feels that Pepe Coin is a lost cause. Consider this: Whale transactions that were consistently taking place a few weeks back are now slowly wearing off. In early May, when the hype was at its peak, around 2.72k transactions worth $100k+ took place in a single day. Now, the number is hovering around the 100 threshold.
Next, from its $1.65 billion market cap peak, Pepe Coin’s aggregate worth is now down to $500-$600 million. In fact, as illustrated below, the market cap has stagnated for a fortnight.
As far as on-chain data is considered, participants were joining the network at the beginning of the month. However now, they’re leaving. Data from ITB revealed that the new addresses have dropped by 43.85% over the past week, while the active addresses have shrunk by 16.66% in the same period, justifying the narrative.
Parallelly, the transfer volume has also shriveled down to almost nothing. As shown below, the on-chain transfer volume once flashed a number of ~1550 trillion PEPE in mid-April. The curve has almost become flat now. At press time, it reflected a mere value of 50 trillion PEPE.
Every coin has two sides, right?
All that said, it doesn’t seem to be the end game yet for Pepe Coin. Meme coins fall with the same intensity as they rise. In fact, Dogecoin and Shiba Inu’s pumps and drop-downs are exhibits of the same. Despite the not-so-appealing state of most metrics, it is interesting to note that Pepe Coin continues to be the third largest meme coin in the space. Furthermore, it should be noted that most investors are either in profit or at break-even at this stage, while only 1/5th of them are in loss.
Parallelly, addresses with balance haven’t started dumping yet. In fact, they’re gradually rising. In early May, only around 104.95k addresses had portfolios that consisted of Pepe Coin. The number is up to 115.09k now.
Thus, declaring Pepe Coin to be dead doesn’t seem to be completely fair. A few from the community expect Pepe Coin to go parabolic from here and are tempted to buy more coins. In fact, people have outrightly told Contessoto that he’s reached “Jim Cramer levels of investing” at this point.
In his defense, the Dogecoin millionaire underlined how he rightly identified the Pepe Coin top when its market cap was around 1.5 billion and asked investors to sell. Post claiming the high, Pepe Coin has just continued to dump day after day.
Was it Jim Cramer levels when I called the top at 1.5 Billion mcap and told everyone to sell and no one listened to me? Then it just continued to dump day after day after day…?
— SlumDOGE Millionaire (@ProTheDoge) May 30, 2023
Here, it is worth recalling that Contessoto had earlier stated that the best time to buy Pepe Coin is when it’s 80-90% down from All Time High (1.5 Billion Market Cap). Now, as things have started going downhill, and Pepe Coin seems to be approaching the threshold, Contessoto has washed his hands of Pepe Coin.
Also Read: Dogecoin Millionaire Reveals the ‘Best Time’ to Invest in Pepe Coin
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