PEPE trading volumes have surged by 216% since May, indicating heightened interest from traders.
As of the beginning of the month, the trading volume of the meme coin Pepe has increased by a factor of three, following an abrupt 12% decline from its all-time highs on May 27.
Pepe was trading for $0.000008834 on May 5, with a volume of $783.17 million. Since then, its price has increased by 94%, surpassing all-time highs on May 27. However, it has since declined and is currently trading at $0.0000147.
However, in the preceding twenty-four hours, the trading volume of Pepe increased by 216% from the beginning of the month to $2.47 billion.
While specific cryptocurrency traders believe that Pepe is potentially influencing the trajectory of the entire meme coin market, others maintain a skeptical stance regarding its abrupt decline after reaching all-time highs on May 27.
“The decline of Pepe has reverberated throughout the meme coin market.” On May 30, Nebraskangooner, a pseudonymous cryptocurrency speculator, informed his 345,700 X followers that Pepe is currently the meme leader.
Dogecoin and Shiba Inu, the two most significant meme coins by market capitalization, also witnessed price declines during the same three-day period as Pepe.
Dogecoin fell 6.41 percent to $0.1604, and Shiba Inu fell 8 percent to $0.00002608, as reported by CoinMarketCap.
A cryptocurrency trader, Michael Pizzino, believes that Pepe’s ephemeral all-time high should be a cautionary tale if the stock fails to maintain those levels.
Pizzino declared in a May 30 X post, “Pepe is technically in the strongest position in terms of price, BUT…If the next rally fails to print a new high, beware.”
In contrast to Pepe, which experienced a 26.38% increase in trader interest during the previous twenty-four hours, Dogecoin and Shiba Inu they witnessed a 45% and 7.4% decline in trading volumes, respectively.
Since its introduction in May 2023, the price of PEPE has increased substantially by 25,955%. Since January 1 of this year, it has increased by 1,042%.
Speculators have profited from several periods of substantial volatility over the year.
According to a report by Cointelegraph on May 30, a PEPE whale bearer generated a profit of approximately $5 million on the Pepe token within a month by capitalizing on the latest surge.
