PEPE, one of 2023’s breakout meme coins, is seeing its market enthusiasm fade. Recent data shows its daily trading volume slipping below $270 million, a steep drop compared to its peak frenzy when billions flowed through exchanges in a single day. For many traders, this decline signals that PEPE’s explosive chapter may be behind it. While it still holds a loyal base, its price swings have become less exciting, and liquidity is tapering off. This slowdown is a reminder that meme tokens without evolving utility often struggle to sustain momentum after their initial hype wave.