The trading volume of meme coin Pepe (PEPE) has tripled since the beginning of the month, following a sudden 12% drop from its new all-time highs on May 27.
On May 5, Pepe was trading at $0.000008834, with a trading volume of $783.17 million. Since then, its price has increased by 94% and reached new all-time highs on May 27. However, it has since slipped and is currently trading at $0.0000147.
In the past 24 hours, Pepe’s trading volume has surged by 216% to reach $2.47 billion, compared to the start of the month.
PEPE has seen a slight increase of 0.47% over the past seven days. (Source: CoinMarketCap)
While some crypto traders believe that Pepe is driving the direction of the entire meme coin market, others are skeptical of its sudden decline after reaching new highs on May 27.
“Pep is pulling back, so the rest of the meme coin market is too. Pepe is currently the meme leader,” said pseudonymous crypto trader Nebraskangooner to his 345,700 followers on May 30.
As Pepe’s price fell, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), also experienced price declines within the same three-day time frame.
Dogecoin fell by 6.41% to $0.1604, and Shiba Inu decreased by 8% to $0.00002608, according to CoinMarketCap data.
However, crypto trader Michael Pizzino believes that Pepe’s short-lived all-time high should be seen as a warning sign if it fails to sustain those levels again.
“Pepe is technically in the strongest position in terms of price, BUT… If the next rally fails to print a new high, look out,” Pizzino declared in a May 30 post.
While Pepe’s decline has generated more trader interest in the past 24 hours, with a 26.38% increase, Dogecoin and Shiba Inu saw their trading volumes drop by 7.4% and 45%, respectively.
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PEPE whale up nearly $5M on investment within a month
Since its launch in May 2023, PEPE has experienced significant price growth, soaring by 25,955%. Just this year alone, since January 1, it has surged by 1,042%.
However, there have been several periods of significant volatility throughout the year, which traders have taken advantage of.
On May 30, Cointelegraph reported that a PEPE whale holder made nearly $5 million in profit on the Pepe token within a month.
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This article does not provide investment advice or recommendations. Every investment and trading move carries risks, and readers should conduct their own research before making a decision.