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Meme coins PEPE and SHIB dropped more than 20% this week
Meme coin Pepe (PEPE) and Shiba Inu (SHIB) were the market’s biggest bulls at this time last week, but have now become the market’s biggest bears.
According to CoinGecko, over the past 7 days, the value of both of these tokens has plunged, falling by more than 20%—with PEPE down 22% and SHIB’s weekly decline hardly easing.
PEPE saw a strong rebound two weeks ago. Last Monday, its market cap increased by $150 million, ranking 71st among the cryptocurrencies with the largest market caps. Bitcoin is down 11.4% this week, trading at $26,012, while Ethereum is down 9.5%.