Biggest Movers: LTC Above $80.00, Moving Away From 6-Week Low 

The meme-based token pepe (PEPE) has experienced a 14.9% decline against the U.S. dollar over the last 24 hours, continuing its downward trend from the last five days. Thus far, PEPE has seen a 60% drop in value from its all-time high on May 5.

Despite retaining its position as the third-largest meme token in terms of market capitalization, pepe (PEPE) has been losing value since May 5, when it hit $0.00000431 per unit. Its value has since plummeted by 60% in USD terms. On May 8, Bitcoin.com News noted that the digital currency’s market cap dwindled from $1.8 billion to $790 million.

As of May 11, PEPE’s market capitalization stands even lower at $680 million at 11:00 a.m. Eastern Time. Over the past day, PEPE has shed another 14.9%, although its price remains up by a slight 2.3% within the last week. Furthermore, while it has lost 60% since hitting its record high on May 5, PEPE still boasts an impressive increase of 2,825% from its April 18 low point. In relation to global trade volume, PEPE’s figures have halved since May 8, now hovering around $417 million over the past day.

Rival meme tokens like WOJAK, TURBO, and LADYS have presented challenges for PEPE over the last two weeks. These newcomers have gained significant attention recently; for example, milady meme coin (LADYS) surged by a significant 3,520% within just one day. The meme currency turbo (TURBO) also climbed by an impressive 64% during the past week. Consequently, the overall meme token economy experienced a mild decline of 2.9% on Thursday, settling at a total of $17.2 billion.

While social media buzz suggests that whales might snap up more PEPE during this dip, the supply held by the top ten holders decreased from 34.07% on May 8 to the current 33.93%. On the other hand, the top 100 PEPE holders increased their holdings from 54% on May 8 to a current figure of 56.15%. Additionally, the number of PEPE holders has swelled from 106,430 to the current tally of 107,617.

What do you think lies ahead for pepe (PEPE) token? Will it recover from its recent decline or face further challenges from rival meme tokens? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The meme-based token pepe (PEPE) has experienced a 14.9% decline against the U.S. dollar over the last 24 hours, continuing its downward trend from the last five days. Thus far, PEPE has seen a 60% drop in value from its all-time high on May 5.

Despite retaining its position as the third-largest meme token in terms of market capitalization, pepe (PEPE) has been losing value since May 5, when it hit $0.00000431 per unit. Its value has since plummeted by 60% in USD terms. On May 8, Bitcoin.com News noted that the digital currency’s market cap dwindled from $1.8 billion to $790 million.

As of May 11, PEPE’s market capitalization stands even lower at $680 million at 11:00 a.m. Eastern Time. Over the past day, PEPE has shed another 14.9%, although its price remains up by a slight 2.3% within the last week. Furthermore, while it has lost 60% since hitting its record high on May 5, PEPE still boasts an impressive increase of 2,825% from its April 18 low point. In relation to global trade volume, PEPE’s figures have halved since May 8, now hovering around $417 million over the past day.

Rival meme tokens like WOJAK, TURBO, and LADYS have presented challenges for PEPE over the last two weeks. These newcomers have gained significant attention recently; for example, milady meme coin (LADYS) surged by a significant 3,520% within just one day. The meme currency turbo (TURBO) also climbed by an impressive 64% during the past week. Consequently, the overall meme token economy experienced a mild decline of 2.9% on Thursday, settling at a total of $17.2 billion.

While social media buzz suggests that whales might snap up more PEPE during this dip, the supply held by the top ten holders decreased from 34.07% on May 8 to the current 33.93%. On the other hand, the top 100 PEPE holders increased their holdings from 54% on May 8 to a current figure of 56.15%. Additionally, the number of PEPE holders has swelled from 106,430 to the current tally of 107,617.

What do you think lies ahead for pepe (PEPE) token? Will it recover from its recent decline or face further challenges from rival meme tokens? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today’s rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher.

Litecoin (LTC) jumped back above $80.00 earlier in today’s session, as the token continued to move away from recent lows.

Following yesterday’s low of $78.18, LTC/USD raced to an intraday high of $81.97 on Thursday.

The surge saw litecoin rise from a recent six-week low of $75.32, which took the cryptocurrency to a breakout of a floor at $77.00.

Looking at the chart, today’s rally pushed the relative strength index (RSI) towards a resistance level of 39.00.

At the time of writing, the index is currently tracking at 37.95, with LTC falling from earlier highs, and trading at $80.84.

Bulls in the market are likely targeting a ceiling of $85.00, however there will likely be some hurdles in the form upcoming points of resistance.

Cardano (ADA) was also marginally higher, as prices traded close to a key support level on Wednesday.

ADA/USD hit a high of $0.3727 earlier in the day, which comes following a bottom at $0.3574 during yesterday’s session.

Thursday’s marginal gain sees cardano climb above a price floor of $0.3580, however earlier momentum has somewhat faded.

It appears that gains have eased due to the RSI colliding with a ceiling at the 41.00 mark.

Price strength is now at the 37.06 level, after failing to break out of the aforementioned resistance.

ADA is now trading at $0.3613, with bearish pressure significantly higher than earlier in the day.

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Could cardano fall further this week? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.