Pepe's trading volume has increased 3-fold since the beginning of the month, just days after reaching new all-time highs.

PEPE memecoin $PEPE trading volume is three times higher than at the beginning of the month, 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 24 hours, Pepe's trading volume reached $2.47 billion, an increase of 216% since the beginning of the month.

While some cryptocurrency traders believe that Pepe is leading the direction of the entire memecoin market, others remain skeptical about its sudden drop after recently reaching new highs on May 27.

“Pepe is pulling back, so the rest of the meme market is pulling back too. “Pepe is the leader of the memecoins right now,” pseudonymous crypto trader Nebraskangooner told his 345,700 followers on X on May 30.

While Pepe's price fell, the two largest memecoins by market capitalization, Dogecoin $DOGE Shiba Inu $SHIB also experienced price drops in the same three-day period.

Dogecoin fell 6.41% to $0.1604, and Shiba Inu fell 8% to $0.00002608, according to data from CoinMarketCap.

However, cryptocurrency trader Michael Pizzino believes that Pepe's short-lived all-time high should serve as a warning sign if he 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, be careful,” Pizzino stated in a post on X on May 30.

While Pepe's drop has only sparked increased trader interest in 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, soaring 25,955%. This year alone, since January 1, it has risen 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.