The uproar of meme currencies, which was monitored by many media outlets during the recent period, ended with the decline in the prices of currencies such as PEPE. This has affected the users of the parent currency, Bitcoin, as they want the crypto market to return to the corrective path again.
An increase in the minting of the meme coin clogged the Bitcoin network over the past week, but PEPE toad quickly lost 60% of its value over the month.
The meme PEPE rose to a high of $0.00000431 on May 5th. But it lost about 60% of its current price, to reach $0.00000172.
The cryptocurrency also fell by 4.5% on the day, while the market prices rose by 1.7%, indicating that the media hype for the meme currency has ended.
The market value of the currency reached its peak of about $1.6 billion. That before falling back to current levels of $720 million.
