The meme coin Pepe (PEPE) had plummeted more than 60% since hitting its all-time high (ATH) last Friday when it was listed in Binance’s innovation zone. The price drop erased over $1 billion off the cryptocurrency’s market cap in the past six days and is down 15% over the last 24 hours.

PEPE Down 62% From ATH as Investors Take Profits

PEPE, a meme coin that has been attracting much attention lately, saw its market cap plummet significantly after it was listed on the biggest crypto exchange worldwide. Specifically, the crypto coin’s market cap stood at $637.8 million on Thursday, down over 62% from the $1.67 billion it reached on May 5, when Binance confirmed its listing.

The latest market cap drop comes after PEPE lost almost 16% in the past 24 hours, with the cryptocurrency trading at $0.000001626 at press time. The price drop is likely due to investors taking profits and converting their PEPE holdings into Ether (ETH) which recently reached an all-time high in deposits to exchanges.

Pepecoin experienced one of the most spectacular price jumps in the history of altcoins, soaring by a mouthwatering 5,000,000% over the past few weeks. PEPE’s price and market cap inked an all-time high on Friday, May 5 – the day the token was listed on Binance. In the six days from May 6 to May 11, PEPE’s price more than halved from its peak of $0.00000431.

What is PEPE?

Launched in April 2023, PEPE is a meme coin inspired by the “Pepe the Frog” meme and the artist behind it, Matt Furie. Designed by an anonymous dev team, the meme coin attracted unprecedented attention in the past few weeks, reflected in its whopping price surge.

Meme coins are a type of cryptocurrency that is based on internet memes and pop culture. They became popular in recent years due to their humorous and often irreverent nature and the potential for quick and significant returns on investment.

Following its meteoric rise, PEPE is now the third-biggest meme coin in the world, behind Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE’s and Shiba’s market caps are currently at $10.01 billion and $5.21 billion, respectively, significantly higher than PEPE’s $638 million. Another meme coin that has been attracting widespread attention lately is Floki (FLOKI), also listed on Binance last week alongside PEPE.

This article originally appeared on The Tokenist