Pepe (PEPE) has seen a surge in trading volume over the past 24 hours, outperforming both Shiba Inu (SHIB) and Dogecoin (DOGE).
PEPE defies expectations with remarkable trading volume amid market volatility
Despite a slight 5.8% drop in its price, Pepe’s trading volume reached $281.3 million in the last 24 hours.
The market capitalization of this meme-inspired digital asset is currently $631 million. In contrast to the widely known cryptocurrency, the Shiba Inu, Pepe’s trading volume exceeded expectations.
Amidst the huge rise in the value of Bitcoin (BTC) and many alternative cryptocurrencies, PEPE stands out as a leader in its specific market segment.
At the time of this writing, PEPECOIN saw a rise of 38.29%It outperforms its peers in terms of growth rate.
PEPECOIN emerges victorious, overtaking Dogecoin, and Shiba Inu
Prior to the recent recovery that engulfed the entire cryptocurrency industry, PEPECOIN faced disappointment from traders who viewed it as a digital currency that had lost momentum. On June 22, the cryptocurrency was trading at a spot price of $0.000001425, a level driven by the significant growth in trading volume seen over the past 24 hours.
PEPEUSDT chart hovers around $0.00000154 | Source: TradingView
CoinMarketCap data reveals a staggering $687 million market cap for PEPE tokens, reflecting a 253% uptick over the 24-hour time frame.
Dogecoin underperformed Pepe with a 24-hour trading volume of $189.2 million and a market cap of $9.3 billion. Similarly, the Shiba Inu lagged behind Pepe with a 24-hour trading volume of US$103 million and a market capitalization of US$4.6 billion.
This development underscores the dynamic nature of the cryptocurrency meme, with Pepe’s recent boom indicating its increasing prominence in the market.
Pepe’s impressive rise coincides with a week of gains across the cryptocurrency market as a whole. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market cap, saw their prices rise by 14.2% and 8.8%, respectively, in the previous week. Bitcoin boasts a 24-hour trading volume of $11.9 billion, while Ethereum has a volume of $6.8 billion.
Amidst this backdrop, Pepe’s rise further underscores the enduring popularity and unexpected price movements inherent in the cryptocurrency meme.
Notably, Pepe is up 64% over the past week, highlighting its rapid growth trajectory.
Featured image from iStock, charts from TradingView.com
