PEPE No Longer In Crypto Top 20 After Recent Price Crash

PEPE concluded its recent bullish surge with a decline of 15%. The meme cryptocurrency had a strong performance throughout May, with its price rising steeply. However, in the final days of the month, it experienced a downturn.

A Mixed Bag

According to CoinGecko, the asset started trading at approximately $0.0000061 and nearly tripled its value by reaching $0.0000170 at the beginning of this week. Following this peak on Monday, the frog-themed coin underwent a significant drop. Currently, it is trading around 0.0000143, indicating a decrease of over 15% from its high.

At one point in the last day, its price even fell below $0.0000132 before recovering somewhat, though the sustainability of this rebound remains uncertain. Despite this notable decline, investors who bought at the beginning of the month still hold substantial profits, with their holdings up over 134% during this period.

A Potential Rally

As a consequence of the recent downtrend, PEPE has shifted its position on the list of top cryptocurrencies by market capitalization. Previously competing closely with Polygon (MATIC), it now ranks as the 21st largest asset in the sector. However, the gap to Litecoin (LTC) in 20th place is not substantial, raising the possibility of PEPE re-entering the Top 20 if its rebound persists.

Although PEPE experienced setbacks in its rally, data from IntoTheBlock indicates that it remains the most profitable meme coin based on the percentage of holders with unrealized profits. With a holder profitability ratio exceeding 90%, PEPE surpasses other popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). This high profitability ratio may contribute to increased likelihood of selloffs as investors seek to capitalize on their profits, potentially explaining the recent downturn in price.