Bitcoin two-month low as pepe slides 70% from peak
A downturn in the crypto market has resulted in a substantial drop of $40 billion in the global crypto market cap. This decline can be attributed to the decrease in value of both large-cap coins and memecoins that had been heavily hyped up.
Bitcoin two-month low
The leading cause of this trend is Bitcoin, which has fallen below a recent support level of approximately $27,000 and is currently trading at $26,300, as reported by CoinGecko. This marks a two-month low for Bitcoin, which had previously surged from $20,000 in a rapid rally.
Over the past week, a majority of cryptocurrencies within the top 10 by market capitalization have experienced a consistent decline of roughly 6%. Meanwhile, outside of the top 10, Polygon has taken a significant hit, falling by 14%. Similarly, the memecoin Shiba Inu has also seen a drop of 13%.
However, the memecoin Pepe is currently experiencing even greater losses. After a meteoric rise in market capitalization in early May, its value has continued to slide, plummeting by 22% today to $0.00000128. The coin has been consistently decreasing since reaching its all-time high on May 5, when it achieved a market cap of $1.8 billion.
In addition to Pepe, another token named after the Milady Maker NFT project, but not directly affiliated with it, has also seen a significant decline. In the past 24 hours alone, it has dropped by 53%. This may be due to its sudden surge on May 11, when Elon Musk tweeted a Milady meme, causing a significant increase in value for its NFT collection and associated projects. Similarly, the Milady NFT collection itself has also experienced a decrease in its floor price, falling to a value not far above its worth prior to Musk’s tweet.
Meanwhile, outside of the crypto market, the broader markets remain mostly unchanged, with futures on both the Nasdaq 100 and the S&P 500 showing minimal movement.
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