Pepe Coin Sinks 16% in Roller Coaster Month for Meme Coins

Highlights

• Investors have been taking profits in Pepe coin.
• PEPE is still headed toward gains for the month of May.
• Most meme coins are currently caught up in the broader crypto market downdraft, but Floki coin has managed gains.

Meme coins are not immune to the cryptocurrency market downdraft. After providing some distraction to investors for a while, meme coins are now caught up in the selling pressure. Pepe coin, the latest meme coin to excite the cryptocurrency scene, is down about 16% in the past week as crypto bulls shift into buy-the-dip mode. 

Investors have taken some profits in PEPE token, but it is still on the path to gains for May. So far this month, Pepe coin has more than doubled in value in what’s been a volatile few weeks for the No. 72 cryptocurrency based on market cap.

Pepe, a play on the Pepe the Frog meme, is still new to the crypto scene and was only launched in April. Nevertheless, it’s already seen a market cap of over $1.5 billion. However, that value has been more than slashed in half to hover at approximately $569 million.

One positive catalyst for Pepe coin is that cryptocurrency exchanges can’t seem to get enough of this meme coin. Most recently, Kraken has jumped on the meme coin bandwagon, announcing that it has added PEPE token as its latest futures contract. However, this listing is not available in the U.S. or Canadian markets.

📣 Milestone Alert: Our 100th linear perpetual futures contract is here!$PEPE @pepecoineth 🐸

Explore futures on Kraken Pro
👉 https://t.co/tzJZTVBt7C

*Geo restrictions apply pic.twitter.com/RwqQ4q9bnv

— Kraken Pro (@krakenpro) May 25, 2023

Doge Transactions

Dogecoin, the meme coin that started it all, is currently hovering at $0.07259 as DOGE bulls begin to target the $0.1 threshold. The Dogecoin network is showing signs of strength, with the number of transactions recently setting a record at over 2 million transactions processed.

Floki Coin Bucks the Downward Trend 

Floki Coin has been the exception to the meme-coin rout lately. FLOKI, which  was inspired by Elon Musk’s pet Shiba Inu, has climbed 13% higher in the past 24 hours to $0.0000359. The Floki price has more than tripled in value year-to-date. 

Floki prides itself on being more than just a meme coin. It is part of a broader ecosystem that incudes an increasingly popular game dubbed Valhalla, which is still in the testnet phase.

Floki is also a play on Web3 and the budding DeFi market, including what’s known as the FlokiFi Locker Protocol, whose total value locked (TVL) has amassed nearly $40 million at its peak.