Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1684401663RDZZ.jpeg)
The price of PEPE coin decreased by 60% from its all time-high of $0.00000431 on 5 May to $0.00000172 on 11 May. 

The memecoin hype seems to have faded away considering that most of these tokens were in red on the day of writing.

Elon Musk is a crypto influencer who has consistently helped to create hype around memecoins. 

The <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> transaction fees reverted to an average of $3.76 within the third week of May 2023. 

**Keywords**: PEPE coins, PEPE crypto, PEPE memecoin, PEPE Price, buy PEPE, PEPE meme
## Introduction 
The cryptocurrency market experienced correction leading to losses among memecoin traders. Fortunately, that has also exposed how unpredictable the crypto market is.  The losses have pushed the memecoin hype and momentum to decline. This article explores how the recent market correction affected the value of the PEPE coin and other crypto dynamics. 
## PEPE Coins Lost 60% of their value
The PEPE coins that gained much attention of the crypto market in the past month seem to have lost the tempo considering the decrease in their value. Specifically, on 5 May the value of the PEPE coin reached an all-time high of $0.00000431 as indicated in <a href="/id/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a> below. In fact, $0.00000431 was the high on 5 May despite closing the day at $0.00000420. 
![](https://gimg2.gateimg.com/image/article/16848278601.png)
PEPE Price – CoinGecko 

As <a href="/id/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a> shows, the price of PEPE memecoin started falling on 6 May when it closed the day at $0.00000372. On 11 May PEPE crypto had lost about 60% of its all-time-high value as it was trading at $0.00000172. Sadl,  its value has continued to drop to its current level of $0.00000150 at the time of writing. Significantly, it is ranging within a depressed market. 

At the time when it attained its all-time-high of $0.00000431 it had a market capitalization of $1.6 billion. Nevertheless, it has a current market cap of slightly over $662 million. 
## Memecoin speculation fading
The current  PEPE crypto scenario is similar to what occurred in the past with other memecoins like <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and <a href="/id/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a>. When <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> led the memecoin hype of May 2021 there was a <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> sell-off that lasted two months. 

The current memecoin based boom has followed a similar pattern. When the hype started some speculators sold off their BTC and ETH to purchase PEPE coins. This has led to the fallback of their gains achieved since the start of the year. This memecoin craze, therefore, may be a sign of a local market top which can be followed by several months of drawdowns for <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and ETH. 

It is important to understand why the memecoin hype can last for a short period. The key reason is that memecoins do not have intrinsic value as their prices are driven by social media hype and community enthusiasm. For example, several celebrities promote or endorse memecoins. That creates the Fear of missing out (FOMO) mentality which pushes its price up. 

Normally, the short term rises in their prices result in huge gains for the early adopters which attracts many investors. Therefore, once the frenzy about a memecoin decreases its price may fall astronomically. In this respect, the current indication is that the hype surrounding the PEPE coin is fading.  

The early signs of fading memecoin hype were evident around May 20 when most of them lost much value. In fact, they were in red on both their daily and weekly performance levels. In addition, the total trading volume of memecoins decreased as well. 

At the time of writing, 20 May, most memecoins have recorded losses for the past 7 days. For example, <a href="/id/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> lost  0.42% of its previous high, PEPE lost 19.45%, Floki 10.31%, BONE 5.90% and BabyDoge 2.25%. Overall, the total memecoin market capitalization has decreased by 0.3% in the last 24 hours. 

Read also: [Pepe (PEPE) Price Prediction 2023-2030](https://www.gate.io/price-prediction/pepe-pepe "Pepe (PEPE) <a href="/id/price-prediction" target="_blank" class="blog_inner_link">price prediction</a> 2023-2030")
## Bitcoin fees fall back
During the last few weeks the memecoin frenzy drove the transaction costs on the <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain up due to the rise in minting of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> NFTs and BRC-20 tokens. In fact, there was a high demand for block space. As an example, the average transaction fee ranged between $9 and $16 on 9 May. At one time during the same week the gas cost on the <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> network fluctuated between $19 and $31. 

However, during the third week of May the transaction fee on the <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain decreased to around $3.76. The reason for the decrease in the fees is the fall in minting and demand of BRC-20 tokens. Also, as the fees stabilized there was a reduction in pending transactions in the mempool to around 242,837. 
## Musk’s Tweet on PEPE coin led to its price surge
As we mentioned earlier, part of the memecoin frenzy comes from celebrities who popularize them. One of them is Elon Musk who often tweets about memecoins and other cryptocurrencies.

Recently, Musk tweeted about the PEPE coin, influencing its price to surge. In fact, Musk shared a meme featuring Pepe the Frog. In response to the tweet, many members of the meme community posted PEPE images within the comment thread, creating much hype. As a result, [the price of the PEPE coin](https://www.gate.io/price/pepe-pepe "the price of the PEPE coin") rose by over 60%.
![](https://gimg2.gateimg.com/image/article/16848278832.png)
Elon Musk’s meme - Twitter

It is important to note that the surge in the PEPE coin is a result of the hype that followed the initial tweet. The frenzy of the cryptocurrency attracted the attention of whales that purchased the coin in large quantities, increasing its demand and resultantly its price. 

The PEPE coin was not on the market for a long time since it was launched in April this year. Recently, Musk also influenced the price of another memecoin called Milady Meme Coin (LADYS).  After he posted a tweet about that crypto its value rose by 12,500%. There is no doubt that Musk is one of the most respectable crypto influencers.
## Conclusion
The memecoin frenzy is fizzling since most of their values decreased or remained constant during the past week. Presently, the  prices of many memecoins are in red. In the meantime, the transaction fees on the <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain have stabilized and are fluctuating around $3.76. 
## FAQs about PEPE Coin price Retreat
### What is PEPE?
PEPE is a memecoin which is based on  Pepe the Frog meme created by Matt Furie. However, it has no connection to Matt Furie or the Pepe Frog meme. You may interested in [Optimism PEPE NFT](https://www.gate.io/nft/collection/18318/Optimism-Pepe "Optimism PEPE NFT")
### What was the lowest and highest price of PEPE Coin? 
The highest price of the PEPE coin was $0.00000431 recorded on 5 May while its lowest value after reaching the all-time high value was  an all-time low (ATL) of $0.000000055142 attained on Apr 18, 2023.
### Can Pepe coin flip memecoins Dogecoin and Shiba Inu? 
There is a possibility that PEPE coin can flip both <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and <a href="/id/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> memecoins considering that it is ranked third in their category. However, PEPE coin is still far behind <a href="/id/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and <a href="/id/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> in terms of market capitalization.
### How much is 1 PEPE coin worth?
The current value of the PEPE coin is $0.000001832. However, this value keeps on changing from time to time. 
### How to buy PEPE Coin? 
You [can buy PEPE coins on Gate.io exchange](https://www.gate.io/how-to-buy/pepe-pepe "can buy PEPE coins on Gate.io exchange") by visiting the spot trade section. You can convert any of the major cryptocurrencies you own to PEPE coins. 


<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

简体中文

English

福利中心

铭文导航-铭文Launchpad

铭文-铭文导航

铭文-web3startup

新币挖矿

小红花-Exchange-Startup

交易-创新交易

交易-盘前交易

打新

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

年度账单

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构-借贷服务

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

机构

策略跟单

现货跟单

合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币借贷

USDE挖矿

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多

芝麻金融-理财

赚币

衍生品-实盘跟单

衍生品-期权

衍生品-交割合约

衍生品-永续合约

衍生品-合约中心

新手引导(合约)

合约活动

衍生品

交易-量化策略

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易

行情

买币-gateCard

买币-法币交易

买币-银行账号

买币-快捷交易

买币-信用卡

买币-paywith

买币

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

任务广场

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

小红花-Exchange-交易所

gate商店

小红花-Promotions-推荐官计划

小红花-Promotions-邀请计划

小红花-promotions-代理商

cextg小程序

小红花

web3

Decline of Memecoin Minting Frenzy: PEPE Prices Retreat