The meme coin known as Pepe (PEPE) has achieved a remarkable milestone by surpassing the aggregated market value of all significant non-fungible token (NFT) collections. According to the latest data, PEPE's market capitalization now exceeds $6.2 billion, which represents a 10% increase compared to the total market cap of profile picture (PFP) NFT collections.

This significant feat was accompanied by a substantial surge in PEPE's trading volume, which hit $2.47 billion within the last 24 hours, marking a staggering 216% surge from the beginning of May.

PEPE has showcased an exceptional trajectory since its launch in May 2023, with its price skyrocketing by an astonishing 25,955%. Despite experiencing notable volatility episodes, traders have been able to capitalize on PEPE's performance, leading to a remarkable 1,042% surge in its value this year alone.

At its peak on May 27, PEPE reached an all-time high of $0.00001718 but has since observed a 12% decline, currently trading at $0.00001503.

Pepe's Dominance and Market Sentiment

Pepe's influence extends beyond the meme coin domain as it outstrips major NFT collections in daily trading volume. Over the past 24 hours, PEPE saw $1.3 billion traded, significantly surpassing the mere $12.8 million exchanged by blue-chip NFTs.

Despite notable trading volumes for Bitcoin (BTC) and Solana (SOL) NFTs, and a burgeoning NFT lending market that surpassed $2 billion in the first quarter, the overall NFT token market is experiencing a downturn. Statistics from DragonFly's Hildobby indicate an 85% decrease in NFT trader numbers over the past two years.

Moreover, PEPE's escalating trading activity contrasts starkly with the waning engagement in the NFT marketplace, evident through the Dune dashboard.

Market Fluctuations and Investor Outlook

Analysis from Santiment reveals a recent decline in PEPE's exchange inflows and outflows, hinting at a potential bearish trend. Nonetheless, the coin's Relative Strength Index (RSI) dropped from 77 to 67, suggestive of an overbought status with a tendency towards consolidation. An RSI below 50 could signal a potential sustained price uptick.

Despite these fluctuations, more than 96% of PEPE holders are currently seeing profits, according to insights from IntotheBlock.

As the meme coin market edges towards a $69 billion market cap, with PEPE leading the charge and displaying robust market interest trends, it becomes crucial for investors to stay informed and consider diverse viewpoints before making investment choices.

Disclaimer: The information provided herein should not be construed as financial guidance. Investments carry inherent risks, and caution is advised while investing.