The hype around Pepe (PEPE) memecoin appears to be dying, with the token trading more than 70% away from its all-time high.

During the past week, crypto traders increasingly profited from the memecoin, moving its market cap from a peak of $1.65 billion to less than $500 million within a week.

For context, Pepe’s market cap declined by roughly $200 million within the last 24 hours to $491.07 million from over $600 million, according to CryptoSlate’s data.

Meanwhile, the decline has not stopped whales like Machi Big Brother from stockpiling the asset. On-chain sleuth Lookonchain reported that the trader bought 66 billion Pepe tokens between May 8 and May 10.

However, the decline in Pepe’s value does not mean the crypto community’s interest in memecoins has waned. On-chain data suggest that more memecoins are being developed, drawing widespread interest from entrepreneurs like Justin Sun and crypto exchanges listing them.

New meme assets like Lady, Sponge, Four, Turbo, and others are gaining momentum as more traders ape into them. One trader who made a profit of $14.5 million trading Pepe has been buying Turbo and now holds 1.47 billion of the tokens.

Meanwhile, Milady memecoin LADYS appears to be enjoying most of the hype as several traders are swapping their Pepe positions for the token.

The memecoin saw rapid interest after Elon Musk tweeted a picture relating to the Milady NFT — causing the value to rise by more than 7000%, according to Coingecko data.

Even famous figures in crypto — like 0xSisyphus, and investment firm DWF Labs — are actively trading the memecoin.

Although several people made profits on LADYS, there have also been losses. One trader lost 100 ETH trading the memecoin after initially buying 2 trillion LADYS for 174 ETH and selling for 73.5 ETH.

The post PEPE market cap slides below $500M as community interest shifts appeared first on CryptoSlate.

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