Pepe (PEPE) Sees Trading Volume Surge Amid Price Fluctuations
Summary:
The meme cryptocurrency Pepe (PEPE) has seen a significant surge in trading volume despite experiencing a slight price drop recently. Opinions are divided among crypto traders about Pepe's influence on the entire meme coin market. As the price of Pepe fell, other major meme coins Dogecoin and Shiba Inu also took hits. Inverse to its price slump, Pepe saw a trading volume increase of 216% from the start of the month, reaching $2.47 billion in the past day. Since its launch in 2023, PEPE has experienced staggering growth, though marked by periods of significant volatility.
The trading activity for the meme cryptocurrency Pepe (PEPE) has soared to levels threefold higher compared to the beginning of the month, even after a sudden 12% slump from its record high on May 27. On May 5, the meme coin was valued at $0.000008834, boasting a trading volume of $783.17 million. Its value then increased by a staggering 94%, hitting record highs on May 27, only to decline shortly after; currently, it trades at $0.0000147. In terms of trading volume, a surge of 216% from the month's start, Pepe's trading activity amassed a huge $2.47 billion within the past day. Over the course of a week, PEPE has seen a marginal 0.47% increase, according to CoinMarketCap data.
Opinions among cryptocurrency traders about Pepe’s influence on the meme coin market are divided. While some argue that Pepe is dictating the path for all meme coins, others voice concerns over its abrupt downturn post achieving new highs on May 27. Nebraskangooner, a noted crypto trader, suggested to his 345,700 followers on May 30 that as Pepe's value decreases, the value of other meme coins is also affected.
When Pepe's price fell, Dogecoin and Shiba Inu (SHIB), the two meme coins with the largest market capitalization, faced similar slumps within a three-day period. Dogecoin and Shiba Inu's prices dropped by 6.41% and 8% respectively, according to CoinMarketCap data.
Michael Pizzino, another crypto trader, shared that if Pepe fails to maintain its recent record highs, it's a potential red flag. The pullbacks in Pepe’s price over the past day have only increased trader engagement by 26.38%, while Dogecoin and Shiba Inu witnessed a decrease in trading activities by 7.4% and 45% respectively.
Since its inception in May 2023, PEPE's growth has been exponential, surging by 25,955%. Just in this year from January 1, it's experienced a rise of 1,042%. However, volatile swings have also characterized its journey, offering opportunities for traders. On May 30, Cointelegraph reported that a major PEPE holder capitalized on the recent surge, bagging nearly $5 million profits in a month's time on the Pepe token.
While the present report doesn't offer investment advice or recommendations, it's critical for investors to undertake their own research due to the inherent risk associated with trading and investments.
Published At
5/31/2024 9:14:47 AM
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