The frog-themed cryptocurrency, Pepe (PEPE), has recently captured significant attention in the crypto market.
Pepe’s remarkable trading activity has outperformed well-established cryptocurrencies like XRP and Shiba Inu (SHIB).
One notable figure, ‘KingChad’ on X (formerly Twitter), highlighted Pepe’s impressive 30-day trading volume of over $41 billion.
Discover how Pepe (PEPE) is making waves in the crypto market with its extraordinary trading volumes, surpassing major cryptocurrencies like XRP and Shiba Inu.
Pepe’s Unprecedented Trading Surge
A notable figure in the crypto world, ‘KingChad’ on X, recently spotlighted Pepe’s unprecedented rise in trading volume over the past month. Impressively, the cryptocurrency saw a 30-day trading volume exceeding $41 billion, outpacing both XRP and Shiba Inu.
Comparative Trading Volumes
Diving deeper into the numbers, XRP’s trading volume stood at approximately $34 billion, which is $6.8 billion less than Pepe’s. Similarly, Shiba Inu lagged behind. Such figures underscore Pepe’s burgeoning popularity within the crypto market. Furthermore, Pepe soared into the top 10 cryptocurrencies in terms of trading activity both weekly and monthly, surpassing other meme coins like Dogecoin (DOGE), Dogwifhat (WIF), and Floki (FLOKI).
Pepe’s Dominance Over Other Meme Coins
Dogecoin, which recorded a 30-day trading volume of $24.6 billion, and Floki with $23.4 billion, trailed behind Pepe. Even newer meme coins like Dogwifhat, despite their gains, could not keep up with Pepe’s volume. This phenomenon highlights two key aspects: Pepe’s formidable rise and the investors’ confidence in its market presence.
Market Capitalization and Price Movement
Beyond trading volumes, Pepe has also seen substantial movement in its market capitalization, which climbed to $6.8 billion following an over 50% surge last month, as reported by CoinGecko. Despite subsequently settling to around $5.99 billion, Pepe remains a significant player, currently ranking 21st among cryptocurrencies.
Market Volatility and Recent Declines
Despite its impressive trading activities, Pepe has not been immune to the market’s volatility. Both Pepe and Shiba Inu have seen price declines recently, with Pepe dropping by 3.3% in the last 24 hours to $0.000014 and Shiba Inu slipping by 1.36% to $0.000025. These fluctuations are indicative of the broader market conditions that influence trading behaviors.
Whale Movements in the Market
A crypto analyst known as ‘The Data Nerd,’ reported significant transactions by a whale involving both Pepe and Shiba Inu from Binance. These movements included 199 billion Pepe tokens worth $2.9 million and 37 billion Shiba Inu tokens valued at $964,000. While the exact motivations behind these transactions remain speculative, such large-scale moves contribute to the prevailing market dynamics and can have substantial impacts on price and trading activities.
Conclusion
Pepe’s meteoric rise in trading volume and market capitalization positions it as a formidable player among meme coins and the broader crypto market. Despite recent declines, its performance underscores the ongoing interest and investment in cryptocurrencies that leverage both meme culture and financial speculation. As the market continues to evolve, investors and analysts will undoubtedly keep a close watch on such dynamically shifting tokens.