- PEPE, a recent meme coin inspired by the Pepe the Frog meme, is reportedly facing a significant decline in price, leading some to claim that it is “officially dead.”
- Glauber Contessoto, a self-proclaimed “Dogecoin millionaire,” expressed his belief that PEPE is no longer viable, drawing comparisons to controversial financial expert Jim Cramer and his inaccurate predictions.
PEPE, a meme coin that drew inspiration from the popular Pepe the Frog internet meme, has encountered a substantial decline in price, leading to speculations about its viability. Glauber Contessoto, known as the self-proclaimed “Dogecoin millionaire,” has declared that PEPE is “officially dead,” sparking discussions within the crypto community.
In response to Contessoto’s statement, a Twitter user likened the “Dogecoin millionaire” to Jim Cramer, a well-known financial expert and host of CNBC’s Mad Money. Cramer’s unpredictable and often inaccurate predictions have earned him a reputation within the crypto community, with some jokingly suggesting that if Cramer is bearish, crypto prices are likely to rise. The comparison to Cramer suggests skepticism towards Contessoto’s views on PEPE.
Contessoto further explained that he had previously called the top market capitalization for PEPE at $1.5 billion and advised selling, but his advice went unheeded. Since then, he claims that the price of PEPE has been plummeting day after day. It is worth noting that Contessoto’s status as a “Dogecoin millionaire” has been compromised, as the price of Dogecoin currently sits at 90.28% below its all-time high in 2021, trading at $0.7376.
PEPE, which emerged in April as a meme coin based on the Pepe the Frog meme, has experienced a decline of 70.9% from its all-time high reached on May 5. Currently, it is trading at $0.000001248. However, it is noteworthy that Dogecoin took two years to reach its current “bottom,” causing Contessoto to lose his “Dogecoin millionaire” status. In contrast, PEPE’s decline occurred in less than a month.
Despite its popularity among cryptocurrency whales and major players in the market, PEPE lacks utility and faces uncertainty regarding future developments. However, some experts believe that it may attract new retail investors to the cryptocurrency market, potentially leading them to transition towards more established cryptocurrencies like Bitcoin.
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PEPE’s decline raises questions about the sustainability of meme coins in the crypto landscape. While tokens like Shiba Inu (SHIB) and Dogecoin have gained significant attention, meme coins like PEPE lack clear utility beyond their meme-inspired origins. The trajectory of PEPE and its impact on retail investors will be closely watched to determine its long-term prospects in the cryptocurrency market.