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Meme currencies are not immune to the downturn in the cryptocurrency market. Meme coins are now under pressure to sell after first serving as a diversion for investors. As crypto bulls switch into buy-the-dip mode, Pepe Coin, the newest meme coin to wow the cryptocurrency scene, has fallen by around 16% in the previous week.

Although some profits have been taken on the PEPE cryptocurrency by investors, it is still expected to rise in May. Pepe coin, the 72nd-ranked cryptocurrency by market capitalization, has seen its value more than double so far this month despite having a choppy few weeks.

Pepe, a parody of the Pepe the Frog meme, was only introduced to the cryptocurrency world in April. Nevertheless, it has a market valuation of more than $1.5 billion right now. That valuation, however, has been more than cut in half and now stands at about $569 million.

The fact that cryptocurrency exchanges can't get enough of this joke coin is one good thing for Pepe coin. Kraken just joined the meme currency bandwagon by revealing that PEPE token has been included as its newest futures contract. However, neither the Canadian nor American markets have this listing.

Floki Coin Resists the Declining Trend

In recent times, the meme-coin rout has been broken only by Floki Coin. The price of FLOKI, which took inspiration from Elon Musk's Shiba Inu cat, has increased by 13% to $0.0000359 during the last day. Year to date, the price of Floki has increased by more than thrice.

Being more than simply a meme currency, Floki takes great delight in this. It is a component of a larger ecosystem that also includes the still-in-testnet Valhalla game, which is becoming more and more well-known.

In addition, Floki is a play on Web3, the emerging DeFi sector, and the so-called FlokiFi Locker Protocol, whose total value locked (TVL) peaked at about $40 million.

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