PEPE Crypto Drops Nearly 23% From Its Peak, What’s Next?

1. PEPE has experienced a mild price correction, decreasing by nearly 23% from its peak price, indicating a favorable buying opportunity for investors.
2. Despite the recent market correction, Pepe investors have enjoyed significant profits, as revealed by Lookonchain, an on-chain analytics platform.

PEPE, the frog-themed cryptocurrency, witnessed a major price decline due to a broader downturn in the memecoin market. However, despite reaching its all-time high of $0.00001717 on May 27th, PEPE has since retraced by 23% as of the time of writing.

A notable transaction involving PEPE involved a large investor depositing 660.7 billion PEPE (worth $9.52 million) into Binance, which they had purchased a month prior. This transaction resulted in a profit of $4.95 million, representing a 52% return on investment.

Furthermore, another trader recently turned a $462 investment in Pepe Coins into $3.4 million by purchasing 324.9 billion PEPE tokens a year ago and selling a portion recently.

This trader's investment showcased an impressive 7,368x return, highlighting the potential rewards when identifying and holding meme coins with strong fundamentals and community support.

PEPE has gained significant momentum due to its status as an ERC20 token, recent Ethereum ETF approvals, and integration on platforms such as Nexo. The ease of transactions through Apple Pay or Google Pay has also contributed to its popularity.

Investor interest in PEPE remains strong due to its low entry position and positive analyst forecasts. The recent success stories of traders turning small investments into substantial profits have further fueled bullish sentiment and enhanced the coin's prominence in the meme sector.

As of the time of writing, PEPE is trading at $0.0000144, experiencing an intraday drawdown of 2.71%. However, its long-term performance remains impressive, with price increases of approximately 94.15% in the past month, 420.80% in the last three months, and an astounding 1185.59% over the past six months.