The cryptocurrency market experienced a significant downturn today, with Pepe USD (PEPE) among the hardest hit. The decline is largely attributed to a massive liquidation event triggered by panic over newly imposed tariffs by former President Trump on Canada, Mexico, and China. This led to a market-wide crash, surpassing even the infamous Terra (LUNA) and FTX collapses. Over $2.2 billion in liquidations were recorded, with altcoins like PEPE suffering declines of 15% to 30% within 24 hours. The market's fragility, exacerbated by high leverage, resulted in a snowball effect as prices began to fall, deepening the decline.
Adding to the pressure on PEPE is the shift in investor focus towards Rexas Finance (RXS), a new token gaining traction for its innovative approach to real-world asset tokenization. A trader who previously made $84 million with PEPE has now turned their attention to RXS, signaling a potential shift in market sentiment. Analysts have projected a continued decline for PEPE, with a possible recovery target of $0.000043, but the current trajectory shows minimal upward potential.
Pepe USD's price has dropped by 13.35% today, reaching a low of $0.000008 and currently trading at $0.000009.