- Pepe Coin’s drop in price could be a negative sign for Bitcoin.
- PEPE is down by 61% since its meteoric rise.
- Both BTC and ETH have lost over 9% and 13% respectively over the past few days.
Meme coins, which frequently feature popular animals such as cats and dogs, have been a common presence in the cryptocurrency sector. Pepe Coin, a new participant in this arena, has recently debuted, grabbing attention with its outstanding price performance. Early Pepe Coin investors saw substantial gains ranging from hundreds to millions of dollars.
On May 5, 2023, PEPE reached an all-time high of $0.000004354. However, Pepe Coin has plummeted by 61.75% since its all-time high. However, the latest report from Bloomberg indicates that Pepe Coin could likely be a signal of pain for Bitcoin bulls.
Could PEPE threaten Bitcoin’s bull run?
Even though PEPE had a good few days of bullish run, the price has reversed course. PEPE’s bullish run, however, was short-lived. The drop in price also affected Bitcoin and Ethereum, which dropped by 9.5% and 13% respectively over the past few days.
Kyle Doane, a trader at digital asset manager Arca, said in an interview that this has been a common tactic by traders who use some of their BTC and ETH holdings to take the risk with meme coins. This, according to him, is done with the goal of bringing down the price of BTC and ETH.
Bloomberg also pointed out the last meme coin frenzy, which was followed by a drop in bitcoin prices for numerous months. Bitcoin, which touched a monthly high of $30,555, has now dropped to $27,460. According to CoinMarketCap data, BTC is up by 1.63% in the last 24 hours. With PEPE trading at $0.000001718, it is unsure whether Pepe Coin will display a meteoric rise.
