Since the beginning of May, the trading volume of Pepe, a meme coin in the crypto market, has tripled, even though its price dropped by 12% from its peak on May 27.
Pepe was worth $0.000008834, but it went up by 94% before falling back to $0.0000147. Despite the price drop, its trading volume shot up to $2.47 billion in the last 24 hours, which is a 216% increase since May. Some traders think that this shows how other meme coins might do, but others are careful, especially after its recent fall.
Big meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) dropped in price at the same time. But not everyone is worried about Meme coin’s future. Some think its price is strong, even though it dropped. Even though its price went down recently, more people are trading it.
PEPE’s Price Shot Up
This Meme coin Price has been on a rollercoaster ride this month. While its value dropped 12% from its record high on May 27th, the amount of trade has tripled since the beginning of May.
The meme coin was worth $0.000008834, and $783.17 million worth of Pepe was traded that day. Since then, the price shot up 94% but has come back down. Even though the price went down, trading activity has exploded. In the last 24 hours, a whopping $2.47 billion worth of this frog themed coin was traded, which is 216% more than the first day of May.
PEPE Is The Meme coin Leader Right Now
Traders think that this meme based digital asset is a leader among meme coins, and what it does affects other meme coins. A crypto trader named Nebraskangooner said on May 30th that because Pepe’s price went down, other meme coins are following. They said Pepe is in charge of the meme coin market right now.
This sentiment is apparent in the movements of other major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which also saw price declines during the same period as our beloved Frog. Dogecoin dropped by 6.41% to $0.1604, while Shiba Inu decreased by 8% to $0.00002608. However, not all traders are pessimistic about Pepe’s future. Michael Pizzino, another crypto trader, pointed out on May 30 that while Pepe is technically in a strong position in terms of price, caution should be exercised if it fails to sustain its all-time highs in subsequent rallies.
What’s Next For This MemeCoin?
Even though Pepe’s price went down recently, more people are trading it. This means trading activity for the meme-based coin increased by 26.38% over the past day! On the other hand, trading activity for Dogecoin and Shiba Inu went down by 7.4% and 45%, respectively.
The crypto market keeps changing, and meme coins like Pepe are a good example. Their trading volumes shoot way up, then their prices jump around wildly. This is a warning to investors: crypto can be risky and hard to predict. People who put money into crypto are watching these big meme coins closely to see how they affect the entire market.
Also Read- What is ($PEPE) Pepe Coin? A Complete Guide
