Pepe coin has been one of the most underperforming cryptocurrencies since the start of 2024, despite being one of the few meme coins listed on Binance.According to [CoinMarketCap](https://coinmarketcap.com/currencies/pepe/), the Pepe price has plummeted by 33% over the past month.After reaching the monthly high of $0.147 on the 11th of January, 2024, $PEPE has depreciated by 45% since and is currently trading at $0.934 with a market capitalization of $392 million.Despite maintaining its position as the 3rd largest meme coin throughout much of 2023, Pepe has recently slipped to 4th place.
Bonk has surged ahead with a market capitalization of $661 million, nearly doubling Pepe’s current valuation.The questions regarding Pepe’s stability and security continue to pop up, with community members still not over the rug-pull they faced in August 2023.
The frog-based meme coin continues to face stiff competition from newer tokens, with $PORK and Sponge V2 being the latest entrants in the arena.While $PORK has already amassed a valuation of over $300 million, Sponge V2 is showing strength in its presale, with investors backing it to generate 10x – 100x returns after its launch.Pepe Price Down 33% In A Month Pepe – once a high-flying cryptocurrency that skyrocketed 10,000% in two weeks – has adopted an extremely bearish stance in 2024.The meme coin is down 14% in the past week alone, despite a 1.5% increase in its value on Saturday.
The meme coin continues to face significant challenges in the meme token community.Popular crypto trader [Pauly](https://x.com/Pauly0x/status/1753511740799844747?s=20), who has over 170k followers on X and previously was extremely bullish on Pepe, recently claimed that he has forked Pepe, creating a new meme coin $PORK.According to the project’s self-reported market capitalization, $PORK flipped Pepe within 68 hours of its launch, with Pauly believing that the new meme coin would reach $1 billion before going parabolic.
While Pepe’s official Twitter account has released a statement claiming that the original Pepe coin has not been hard-forked, community members are finding it hard to trust after last year’s rug pull.While the Pepe price is down 30% over the past month, $PORK has surged by over 660% since its launch.Pauly believes that the new meme coin will hit a market capitalization of $500 million on Saturday itself.
Considering that $PORK claims to be the hard fork of Pepe, the more success it has, the more doubts there are about the legitimacy of Pepe coin.Can Pepe Bounce Back? Pepe bulls can find solace in the fact that other big [meme coins](https://coingape.com/meme-coin/) have also not witnessed any notable gains over the past month, while the $BONK price is down 10% over the past week.
However, supporters of the frog-based meme coin are desperately hoping that Coinbase – the largest crypto exchange in the US – will list Pepe on its platform, which will act as a massive bullish catalyst.Furthermore, Pepe will hope to receive a push from Ethereum, considering that it often acts like a leveraged ETH.Analysts predict Ether to dominate the crypto market rally in the coming months, considering that BlackRock and several other TradFi giants have filed for spot ETH ETF.Even in such a scenario, Pepe will have to contend with other newer meme coins such as Sponge V2 that could generate much higher gains due to their relatively smaller market caps.
New Meme Coin Sponge V2 Gains Steam In Presale – Could It 100x After Launch? [Sponge V2](https://bs_f43e9e48.coingape.care?referrer=is-pepe-coin-dead-pepe-price-down-30-in-a-month-as-traders-back-new-sponge-v2-meme-coin) is the second iteration of the Sponge meme coin, which was one of the best-performing meme coins of 2023.In fact, Sponge – which launched with a market capitalization of just $1 million – reached a valuation of $100 million at its peak, generating 100x returns for the early buyers.Just a few days after its launch, Sponge boasted over 12k token holders and over 30k social media followers.The meme coin was also listed on a number of Tier-1 centralized and decentralized exchanges, including Uniswap, Bitget, MEX, LBANK, Poloniex, etc.
However, the development team behind the meme coin is now aiming to offer another 100x opportunity in 2024 with Sponge v2.The project is hoping to list the new meme coin on “bigger and better exchanges”, which could be a nod towards Binance or even Coinbase.
Investors who already hold $SPONGE can simply head to the [project website](https://bs_f43e9e48.coingape.care?referrer=is-pepe-coin-dead-pepe-price-down-30-in-a-month-as-traders-back-new-sponge-v2-meme-coin), stake their tokens and claim an equivalent amount of Sponge V2 tokens after the IEO.Importantly, the og Sponge meme coin is set to be discontinued on the 5th of February at 11 PM UTC.
Alternatively, new investors can purchase $SPONGEV2 from the website by connecting their wallets and swapping ETH or USDT tokens or through their bank cards.Several smart-money traders have already made a huge investment in Sponge V2.For instance, [Michael Wrubel](https://youtu.be/9Dcmhqnri24?si=B5J5E4pzSWKvOOmn) – a crypto YouTuber with over 300k subscribers who made $100k with Sponge – has purchased a sizable bag of $SPONGEV2.
Even Justin Sun, the founder of Tron blockchain, has over $4 million $SPONGE which he is expected to convert into Sponge V2.
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