Pepe's trading volume has increased 3-fold since the beginning of May, just days after reaching new all-time highs.
Pepe memecoin trading volume is three times higher than at the beginning of May, after suddenly dropping 12% from new all-time highs on May 27
On May 5, Pepe was trading at USD 0.000008834, with a trading volume of USD 783.17 million. Since then, its price has risen 94% to surpass the all-time highs of May 27, although it has fallen since then and is now trading at USD 0.0000147.
However, in the last few days at the end of May, Pepe's trading volume reached USD 2.47 billion, which is an increase of 216% since the beginning of the month.
While some crypto traders believe that Pepe is steering the direction of the entire memecoin market, others remain skeptical about its sudden downfall after recently hitting new highs on May 27.
âPepe is pulling back, so the rest of the meme market is pulling back as well. Pepe is the leader of memecoins right now,â pseudonymous crypto trader Nebraskangooner told his 345,700 followers on X on May 30.
As Pepe's price fell, the two largest memecoins by market cap, Dogecoin and Shiba Inu, also experienced price declines in the same three-day period.
Dogecoin fell 6.41% to $0.1604, and Shiba Inu dropped 8% to $0.00002608, according to data from CoinMarketCap.
However, cryptocurrency trader Michael Pizzino believes Pepe's short-lived all-time high should serve as a warning sign if it fails to hold those levels again.
âPepe is technically in the strongest position in terms of price, BUT⊠If the next rally fails to print a new high, be careful,â Pizzino stated in a post on X on May 30.
While Pepe's drop has only sparked increased trader interest over the past 24 hours, up 26.38%, Dogecoin and Shiba Inu saw trading volumes drop by 7.4% and 45% respectively.
Since its launch in May 2023, PEPE has seen significant price growth, skyrocketing by 25.955%. This year alone, since January 1, it has risen 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 took advantage of the most recent rally to make a profit of nearly $5 million on the Pepe token in one month.
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