The popularity of memecoins like PEPE is declining, which is good news for Bitcoin users but not necessarily for investors. The frenzy of memecoin minting that congested the Bitcoin network has subsided, and PEPE has lost 60% of its value since its peak earlier this month. The market value of PEPE has dropped from $1.6 billion to around $720 million. This decline in memecoin speculation could indicate a local market top and may lead to multi-month drawdowns for Bitcoin and other cryptocurrencies.
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