PEPE trading volumes surge 3X from start of May just days after ATH

Trading volume of meme coin Pepe (PEPE) is up three times higher than the start of the month after suddenly falling 12% from new all-time highs on May 27.

On May 5, Pepe was trading at $0.000008834, with its trading volume at $783.17 million. It's price since gained 94% to breach all-time highs on May 27, though it's slipped since and is now trading at $0.0000147.

However, over the past 24 hours, Pepe’s trading volume reached $2.47 billion, a 216% surge from the start of the month.

While some crypto traders believe that Pepe is steering the direction of the entire meme coin market, others remain skeptical of its sudden fall after recently hitting new highs on May 27.

As Pepe’s price fell, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), also experienced price declines in the same three-day time frame.

“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 X post.

While Pepe’s decline has only led to more trader interest over the past 24 hours, a 26.38% increase, Dogecoin, and Shiba Inu saw trading volumes drop by 7.4% and 45% respectively.