Pepe, the meme coin, has witnessed a remarkable surge in trading volume, skyrocketing by 216% since the beginning of the month. Despite a recent dip from its new all-time highs on May 27th, its current trading volume stands at $2.47 billion over the past 24 hours. Some traders suggest that Pepe's movements are influencing the broader meme coin market, while others remain cautious about its sudden fall.
According to Nebraskangooner, a prominent crypto trader, Pepe's pullback is affecting other meme coins as well, making it the current leader in the meme coin space. However, Michael Pizzino warns that Pepe's failure to sustain its recent highs could indicate potential trouble ahead.
The decline in Pepe's price has sparked increased interest from traders, with a 26.38% rise in trading activity over the past 24 hours. Conversely, Dogecoin and Shiba Inu, the two largest meme coins by market capitalization, experienced declines in both price and trading volume during the same period.
Despite its recent volatility, Pepe has shown substantial growth since its launch in May 2023, with a staggering 25,955% increase in price. Even this year alone, it has surged by 1,042%, presenting opportunities for traders to capitalize on its fluctuations.
May 2024, Cryptoniteuae