PEPE trading volume has surged three-fold since early May immediately following ATH.
Trading volume for memecoin PEPE has tripled since the beginning of the month after suddenly falling 12% from its all-time high on May 27.
On May 5, Pepe was trading at $0.000008834, with a trading volume of $783.17 million. The price has since risen 94%, reaching a new all-time high on May 27, but has since fallen and is currently trading at $0.0000147.
However, in the last 24 hours, Pepe’s trading volume reached $2.47 billion, a 216% surge since the beginning of the month.
While some cryptocurrency traders believe that Pepe is driving the direction of the overall meme coin market, others are skeptical of the recent sharp decline after hitting record highs on May 27.
“Now that Pepe is stepping down, so is the rest of the meme coin market. Pepe is the leader in memes right now.” anonymous cryptocurrency trader Nebraskangooner told his 345,700 X followers on May 30.
As the price of Pepe fell, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), also experienced price declines over the same three-day period.
Dogecoin fell 6.41% to $0.1604 and Shiba Inu fell 8% to $0.00002608, according to CoinMarketCap data.
However, cryptocurrency trader Michael Pizzino believes Pepe’s near-term all-time high should act as a warning sign if he fails to maintain those levels again.
“Pepe is technically in the strongest position price-wise, but…watch out if the next rally fails to hit new highs,” Pizzino declared in a May 30 post.
Pepe’s decline has resulted in a 26.38% increase in trader interest over the past 24 hours, while Dogecoin and Shiba Inu have seen volume declines of 7.4% and 45% respectively.
Related: PEPE Whale increased its investment by almost $5 million in one month.
PEPE has experienced significant price appreciation, surging 25,955% since its launch in May 2023. This year alone, it has soared 1042% since January 1st.
However, there were several periods of significant volatility throughout the year that traders took advantage of.
On May 30, Cointelegraph reported that PEPE whale holders took advantage of the most recent surge by making nearly $5 million in Pepe tokens in less than a month.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
