The market valuation of Pepecoin (PEPE) has dropped by 65% as of May 12, a week after its record high of $1.54 billion.
Profit-taking appears to be the primary reason behind the extreme price correction as it rallied from almost nothing to as high as $0.00000372 after its launch on April 14, emerging as the fastest-growing ERC-20 token in the crypto market’s history.