• Pepe meme coin has skyrocketed since its launch, but in the past few days, the renowned memecoin has been going downhill. 
• Memecoins was only recently added to the Bitcoin network this year, and when these “BRC-20” tokens became well-known in April, they began to clog the system and sent transaction fees to their highest levels in two years.

Pepe memecoin has skyrocketed since its launch, but in the past few days, the renowned memecoin has been going downhill. According to data provided by Coin Market Cap, the memecoin is down a whopping -14.0% in the last seven days.

The frog-themed memecoin has been featured on  Bloomberg. In an interview conducted by Bloomberg, Kyle Doane, a trader at digital-asset manager Arca, said that the Memecoin’s popularity usually soars during optimistic market conditions, when investors with sizable cryptocurrency holdings are more ready to take chances.

In order to purchase memecoins, these traders typically sell some of their Bitcoin or Ether, which lowers the price of the two major cryptocurrencies. The majority of traders, however, lose their money once the buzz surrounding memecoins fades, leaving them with less money to reinvest in Bitcoin and Ether, causing disruptions on the blockchains.

Data from Dune shows that prior memecoin price spikes have signaled market spikes that were subsequently followed by a period of Bitcoin price drop. For instance, the growth in Dogecoin triggered a downturn in Bitcoin that lasted until July 2021.

However, since the year began, there has been a surge in Memecoins; nevertheless, that has not affected  Bitcoin as it has increased by 60%.

Additionally, just recently, a team of creators implemented Uniswap’s smart contracts on the Bitcoin network to take advantage of the increasing popularity of BRC-20 tokens and to build a decentralized finance (DeFi) ecosystem. The program, known as Trustless Market, has yielded daily trading volumes of $500,000 and has attracted more than 2,000 users.

In a Twitter message, One of the program’s developers, @punk3700 said that this program, the goal of the platform is to expand the use cases of Bitcoin beyond just being a currency. He added that the team initially focused on integrating Bitcoin with art and AI, and now they plan to add DeFi as the next development area.

Pepe Price Prediction Is There Still a Chance to Turn $251 into $1.4M in 3 Days?

As of press time, Pepe is currently trading at $0.00000168 and has had a 7.76% decline in the last 24 hours. With a $415.51M Volume in the last 24 hours. 

Is it possible for Pepe to reach $0.01? For the coin to reach $0.01, It will need to increase by 2.6k times to reach 1 Cent, which would result in a market cap of $4012 billion; however, even with a 25% annual increase, it would take 36 years to reach this value. This is unlikely given that the token is not a good investment option, and even if 90% of the circulating tokens were burned, it would still be impossible for Pepe to reach 1 Cent.