Memecoins Lead Crypto Declines After Weighing on Bitcoin Fees
- Bitcoin drops most in almost two weeks as volatility rises
- Speculative tokens such as Pepe slump after recent rally
This article is for subscribers only.
Memecoins such as Pepe and the recently minted token Ordinals led cryptocurrency prices lower after a weekend surge among the Bitcoin-blockchain-based tokens.
Pepe, a frog-themed coin had jumped more than 3,000% since it was launched in April, fell about 30% on Monday, according to data compiled by CoinGecko. It trades at a fraction of one cent. The token known as Ordi, which debuted this weekend and saw its market value climb to as much as $900 million, dropped a similar amount, CoinGecko data shows.