The meme coin market is experiencing a wild ride, with Pepe (PEPE) leading the charge. Despite a recent price drop from its all-time high, Pepe’s trading volume has skyrocketed, leaving some analysts questioning its long-term trajectory.
On May 5th, Pepe was trading at a mere $0.000008834, with a daily volume of $783.17 million. Since then, its price has surged a staggering 94%, briefly reaching new highs on May 27th. However, the celebration was short-lived, as Pepe has since dipped to $0.0000147.
Here’s where things get interesting
Despite the price decline, Pepe’s trading volume has exploded. Over the past 24 hours, it reached a whopping $2.47 billion, a 216% increase compared to the beginning of May. This surge has some crypto enthusiasts, like pseudonymous trader Nebraskangooner, believing Pepe is dictating the fate of the entire meme coin market.
“Pepe is pulling back so the rest of the meme coin market is too. Pepe is the meme leader right now,” Nebraskangooner proclaimed to his vast following of 345,700.
And there seems to be some truth to this. As Pepe’s price fell, established meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) also witnessed price drops. Dogecoin fell by 6.41%, while Shiba Inu dipped by a steeper 8%.
However, not everyone is convinced. Crypto analyst Michael Pizzino warns that Pepe’s short-lived peak could be a red flag if it doesn’t recapture those highs soon. “Technically strong, BUT… If the next rally fails to print a new high, look out,” Pizzino cautioned in a recent post.
Also Read: Pepe Coin Plunges 4% After Developer Team Sells 21 Billion PEPE , Sparking Investor Concerns
Interestingly, Pepe’s decline hasn’t deterred all traders. In fact, trading activity has increased by 26.38% in the last 24 hours. This stands in stark contrast to Dogecoin and Shiba Inu, whose trading volumes have dropped by 7.4% and 45% respectively.
Looking at the bigger picture, Pepe’s growth since its launch in May 2023 is undeniable. It has experienced a phenomenal price increase of 25,955%, with a staggering 1,042% gain so far this year. This meteoric rise has undoubtedly attracted traders seeking a piece of the pie, leading to the current volatility.
Further adding fuel to the fire, a recent report revealed a Pepe whale profited a cool $5 million by capitalizing on the recent price surge.
Whether Pepe can maintain its momentum or succumb to a correction remains to be seen. However, one thing is certain: the meme coin market leader is keeping traders on the edge of their seats.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. www.chainaffairs.com is not responsible for any financial losses.
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