PEPE Dominates DOGE and SHIB in Daily Trading Volume Despite 25% Weekly Decline

Despite the recent price drop, it appears that the hype surrounding PEPE is far from over, as the crypto whales continue to pile in.

Its daily trading volume has surpassed that of well-known memecoin such as Dogecoin (DOGE) and Shiba Inu (SHIB) by more than a week.

Still in the spotlight

Pepe Coin (PEPE) – one of the best performers in the cryptocurrency market in the past several weeks – has recently lost some steam, with its price dropping 26% over the past week. Its market capitalization has also plummeted: from more than $1.6 billion at the beginning of May to less than $700 million as of this writing (according to CoinMarketCap).

However, some crypto whales seem unfazed by this decline and recently bought a large amount of the asset. One user previously earned $2.2 million in memecoin spend $2.1 million in ETH to buy back 1.33T PEPE. another investor exchange 397,182 monkeys of more than 748 m pip.

Along with participation from crypto whales, PEPE was the memecoin with the highest daily trading volume for over a week. Twitter user borovick.eth explained that PEPE’s 24-hour volume has topped $350 million, while DOGE is second with $214 million.

Baby Dollar It was #1 in memecoin volume for over a week pic.twitter.com/nv2T8FPrHH

– borovik.eth (@3orovik) May 15, 2023

Troubled first month PEPE

Origin, which launched in mid-April, quickly garnered a lot of attention. The initial hype was so loud that its price was drawing ATH charts almost daily. Smart investors took advantage of the opportunity to become overnight millionaires, with one Transformation His $27 investment turned into $1 million in a matter of days.

The PEPE craze continued in full force in May, and several crypto exchanges listed the token. OKX, BitMEX and even the largest in the world – binance – Here are some examples.

The asset has become so popular that even well-known individuals have joined its ecosystem. Such was the case with American rapper DeAndre Cortez Way (better known as Soulja Boy), who He said I’m “rich from babe”.

Some merchants Sold NFTs are part of Bored Ape Yacht Collection (BAYC) below the land price to invest in memecoin.

After peaking on May 5, PEPE’s price and market capitalization began to decline, raising suspicions that the hype was over and that speculative investors might have stayed away from it.

However, the asset’s trading volume and the continued activity of whales and the US dollar hobbles Over the weekend it could indicate that this is not the case. After all, PEPE joined the top 45 largest crypto assets less than a month later (it currently ranks 63rd), at one point surpassing well-known tokens like SAND, AXS, XTZ, MANA, STX, and more.