PEPE Trading Volume Tripled in May
31 May, 2024 ● Coin news
Trading volume for the meme coin Pepe has surged dramatically, tripling since the beginning of the month despite a recent 12% drop from new all-time highs reached on May 27.
Pepe's price saw a significant increase of 94% from May 5, when it was trading at $0.000008834 with a volume of $783.17 million, to May 27 when it reached new highs. Since then, the price has dipped and is now at $0.0000147.
However, Pepe's trading volume has seen a substantial rise over the past 24 hours, jumping to $2.47 billion, marking a 216% increase from the start of the month.
This suggests a growing trader interest in Pepe, which some believe is leading the broader meme coin market trends.
Crypto trader Nebraskangooner commented on social media on May 30, noting, "Pepe is pulling back so the rest of the meme coin market is too. Pepe is the meme leader right now."
Following the decline in Pepe's price, major meme coins like Dogecoin and Shiba Inu also saw their prices fall within the same three-day period. Dogecoin dropped by 6.41% to $0.1604, and Shiba Inu decreased by 8% to $0.00002608.
Crypto trader Michael Pizzino cautioned investors, suggesting that Pepe’s inability to sustain new highs could be a warning sign.
He stated in a May 30 social media post, “Pepe is technically in the strongest position in terms of price, BUT…If the next rally fails to print a new high, look out.”
Interestingly, while Pepe’s decline sparked a 26.38% increase in its trading volume, Dogecoin and Shiba Inu experienced decreases in their trading volumes by 7.4% and 45%, respectively.
Since its launch in May 2023, PEPE has seen exceptional growth, rising by 25,955%, with a significant surge of 1,042% just this year.
This volatility has provided ample opportunities for traders to capitalize on market movements.
Recently, a report by Cointelegraph highlighted that a PEPE whale took advantage of the latest price spike, earning nearly $5 million in profit from the Pepe token within just a month.
Sources:
https://cointelegraph.com/news/pepe-trading-volume-surges-price-cryptocurrency-traders-doge-shiba
https://x.com/Nebraskangooner/status/1796280678755221831
https://x.com/PizzinoMichael/status/1796130916596953389
