Pepe USD is experiencing a significant decline today, driven by a combination of factors affecting the broader cryptocurrency market. A notable contributor to the downturn is the heightened whale selloffs, where large holders of Pepe tokens have been offloading their positions. This has led to a 20% drop in the token's price, causing panic among investors and further exacerbating the decline. Additionally, the overall negative sentiment towards Pepe is evident as it ranks as the second worst performer among the top 100 cryptocurrencies this week.
The decline in Pepe USD is part of a broader selloff in the meme cryptocurrency sector, with major tokens like Dogecoin and Shiba Inu also facing double-digit losses. This market-wide correction has affected both established and emerging digital assets, suggesting that the downturn is not specific to Pepe but rather a reflection of the current bearish sentiment in the crypto market. As of 10:00 am on January 8th, Pepe USD is trading at 0.0000, down 1.78% from its previous close.