Pepe Coin ( $PEPE ) has experienced a notable decline in its price recently. Several factors have contributed to this downturn:
1. False Information: A fabricated claim about Ethereum creator Vitalik Buterin purchasing 508.6 million $PEPE tokens circulated on social media, leading to initial price surges. Once debunked, the coin's value dropped significantly.
2. Large Holder Sell-Offs: Significant PEPE holders have been liquidating their positions, increasing the token's supply in the market and exerting downward pressure on its price.
3. Decreasing Demand: There's been a reduction in trading volume and active addresses for PEPE, indicating waning interest and participation from the community.
4. Market Shift to Utility Tokens: Investors are increasingly favoring tokens with tangible utility over meme coins like PEPE, leading to capital outflows from such assets.
These combined factors have contributed to the recent decline in PEPE's market performance.
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