The cryptocurrency market has seen a lot of meme coins, which typically feature well-known animals like cats and dogs. Pepe Coin, a new player in this space, has made its debut and attracted notice with its exceptional price performance. Early Pepe Coin investors made significant profits, ranging from a few hundred dollars to millions.
PEPE’s all-time high was $0.000004354 on May 5, 2023. Pepe Coin has, however, fallen by 61.94% from its peak. However, according to the most recent Bloomberg story, Pepe Coin may be a warning sign for Bitcoin bulls.
Could Pepe Coin jeopardize Bitcoin’s bull run?
The price of PEPE has changed direction despite a strong few days of positive movement. The upward trend for PEPE, however, was brief. Bitcoin and Ethereum were also impacted by the price decline; over the past two days, they fell by 9.5% and 13%, respectively.
This has been a frequent strategy used by traders who utilize a portion of their BTC and ETH holdings to take the risk with meme currencies, according to Kyle Doane, a trader at digital asset manager Arca. He claims that the purpose of this is to drive down the price of ETH and BTC.
Do check out: Proof of Reserves (PoR): All You Need to Know
Bloomberg also mentioned the previous meme coin craze, which was followed by a lengthy decline in bitcoin values. Bitcoin has already slid to $27,418 from its monthly high of $30,555. Data from CoinMarketCap shows that BTC has gone up by 1.8% during the past 24 hours. Uncertainty exists around Pepe Coin’s potential meteoric increase given that PEPE is now trading at $0.000001662.