Pepecoin (PEPE), a meme coin that recently entered the top 100 cryptocurrencies by market cap, has fallen by nearly 11% as of May 9, following a week of impressive gains of 215%. The rally was helped along after Binance listed PEPE in its Innovation Zone, which is meant to host hyper-volatile cryptocurrencies. Meanwhile, Sui network's native SUI token also dropped 11% overnight due to selling pressure, as the token saw massive gains for around 96,000 community members who purchased 1,500 SUI tokens for $45. However, analysts have raised concerns about tokens allocated to market makers and investors, with market makers allocated 75% of the token's initial circulating supply and around 44% of the total supply allocated toward the team, investors, and early contributors.

Trading volume in meme coins has surged, reminiscent of frenzied activity observed ahead of previous bitcoin market tops. The crypto market saw $2.3 billion in meme coin trading volume last week, a six-fold rise from the preceding week's $387 million, and the highest since May 2021. The speculative mania was led by pepecoin, a frog-themed token that crossed $1 billion in market capitalization on Friday, eventually peaking at $1.82 billion. Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, the leading cryptocurrency by market value.

The recent surge in meme coins has undoubtedly created a frenzy in the cryptocurrency market.

New memecoin Pepe (PEPE) has experienced a significant price drop of more than 42% from its all-time high, leaving one investor with paper losses of over $600,000. Despite the decline, Pepe still holds a market capitalization of just over $1 billion and has witnessed over $636 million in trading volume within the last 24 hours. The number of individual holders has also increased steadily over the past three weeks, with 144,534 holders at the time of publication. Memecoins have played a role in the cryptocurrency industry since the creation of Dogecoin in 2013. However, investment in memecoins can be an incredibly risky trading strategy due to the inherent lack of any fundamentals.

Pepecoin (PEPE) has seen a significant drop of nearly 45% after hitting a peak of $0.00000431 on Friday with a market capitalization of $1.8 billion. This drop is likely due to traders taking profits on their positions or using advanced trading strategies following the introduction of pepe-tracked futures. These profits are likely being converted into ether (ETH), which has hit an all-time high in deposits to exchanges since November 2021. On-chain analytics firm Santiment believes that the increasing number of ether deposits could be stemming from traders taking profits on their pepe positions. While some traders have made significant profits from investing in pepe coins shortly after their issuance, analysts have raised concerns about the behavior of investors who bought large amounts of PEPE after its issuance, which could pose a risk to the short-term future of the meme coin.

A crypto whale has transferred 4.23 trillion PEPE coins, worth $15.6 million, to the Binance exchange just before the meme coin was listed on the exchange. The whale could potentially sell these coins later, which could trigger a price crash for PEPE. Despite this, the price of PEPE has seen a surge of over 830% in the past seven days, as it is drawing more attention from investors and traders. Its market capitalization has surpassed $1 billion after being listed on Binance on May 5.

These top 10 countries represent a diverse mix of regions and economic development, indicating that meme coins have a global appeal and popularity. In total, the top 10 countries leading the meme coin craze in 2023 make up 82.9% or the majority of interest in the speculative assets.

PEPE, the latest meme coin sensation, has soared by a staggering 400% in the past week, hitting a market cap of just over $1 billion. However, following a sharp pullback on Saturday, some investors booked profits, causing a significant loss of approximately $541,000 for a whale who had purchased a substantial sum of PEPE, along with 70 $WBTC worth $2.07M and 470 $ETH worth $937K.

PEPE, the popular memecoin, recently made a major milestone by getting listed on Binance. However, the accompanying price plunge following the listing has caused significant volatility in the market. Early buyers and whales dumped their assets, causing a more than 56% drop in trading volume.

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