PEPE trading volume increased by 3X in early May, a few days after ATH.
After a sudden 12% drop from new all-time highs on May 27, meme coin PEPE (PEPE) trading volume tripled from the beginning of the month.
On May 5, Pepe was trading at $0.000008834, with a trading volume of $783.17 million. That's the price after gaining 94% to breach all-time highs on May 27, though it has slipped since then and is now trading at $0.0000147.
However, in the last 24 hours, Pepe's trading volume reached $2.47 billion, a 216 percent increase since the beginning of the month.
While some crypto traders believe that Pepe is driving the direction of the entire meme coin market, others doubt that it has suddenly hit new highs on May 27th.
“Pepe is pulling back so the rest of the meme coin market is too. Pepe is currently the leader of meme,” anonymous crypto trader Nebraskangonner told his 345,700 X followers on May 30.
As Peep's price dropped, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), experienced price declines over the same three-day time frame.
Dogecoin fell by 6.41% to $0.1604, and Shiba Inu fell by 8% to $0.00002608, according to CoinMarketCap data.
However, crypto trader Michael Pizzino believes that Pepe's short-term all-time high should serve as a warning sign if it fails to sustain those levels again.
“Pepe is in the strongest position technically, but watch if the next rally fails to print a new high,” Pizzino wrote in the May 30 X Post.
Pepe's decline led to more trading interest over the past 24 hours, with an increase of 26.38%, while Dogecoin and Shiba Inu's trading volume decreased by 7.4% and 45%, respectively.
RELATED: PEPE WHALE RAISES NEARLY $5M IN INVESTMENTS IN ONE MONTH
Since its inception in May 2023, PEPE has seen a 25,955% increase in price. Just this year alone, it's up 1,042 percent since January 1.
However, during the year, significant volatility was observed, in which traders increased their capital.
On May 30, Cointelegraph reported that a PEPE whale holder made a profit of nearly $5 million on PEPE tokens in a month, marking its latest increase.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
