Pepe Coin Trading Volume Surge
Pepe coin, ticker symbol PEPE, has witnessed a significant surge in trading volume, tripling since the beginning of this month. The sudden increase in trading volume follows a 12% drop from its recent all-time highs on May 27.
On May 5, Pepe was valued at $0.000008834, accompanied by a trading volume of $783.17 million. Subsequently, its price soared by 94%, breaking all-time highs on May 27 to reach $0.0000147. However, the price has retreated and is currently trading at $0.0000147.
In the past 24 hours alone, Pepe's trading volume has skyrocketed to $2.47 billion, marking a remarkable 216% surge compared to the beginning of the month.
PEPE has seen a slight increase of 0.47% over the last seven days. Source: CoinMarketCap
While some cryptocurrency traders speculate that Pepe is influencing the meme coin market's direction, others remain cautious about its recent decline post reaching new highs on May 27.
A pseudonymous crypto trader known as Nebraskangooner, with a significant following, mentioned on May 30 that Pepe's pullback has impacted the broader meme coin market, considering Pepe as the current leader in the meme coin space.
As Pepe's price dropped, two of the largest meme coins by market capitalization, Dogecoin, and Shiba Inu (SHIB), also registered price corrections during the same three-day period. Dogecoin witnessed a 6.41% decline to $0.1604, while Shiba Inu dropped by 8% to $0.00002608, as per CoinMarketCap data.
However, crypto trader Michael Pizzino cautions that Pepe's short-lived all-time high should be viewed as a cautionary signal if it fails to sustain those levels in the future.
Pepe's decline has piqued trader interest in the last 24 hours, resulting in a 26.38% increase. In contrast, Dogecoin and Shiba Inu saw a reduction in their trading volumes by 7.4% and 45%, respectively.
Related: PEPE whale up nearly $5M on investment within a month
Since its launch in May 2023, PEPE has undergone substantial price growth, surging by a remarkable 25,955%. In 2024 alone, the coin has experienced a notable increase of 1,042% since the beginning of the year.
Despite the impressive price appreciation, PEPE has encountered periods of heightened volatility throughout the year, providing trading opportunities for investors.
On May 30, reports revealed that a PEPE whale holder seized the opportunity presented by the recent spike, generating close to $5 million in profit within a month.
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This article serves as informational content and does not offer any investment advice or recommendations. It is essential for readers to conduct thorough research and analysis before making any financial decisions.
