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In a surprising twist in the cryptocurrency world, Pepe (PEPE), the meme coin that has captured the imagination of many, has outpaced XRP in daily trading volume. According to recent data from CoinGecko, PEPE’s trading volume has reached a staggering $1.089 billion over the past 24 hours, far surpassing XRP’s $782 million. This meteoric rise not only underscores PEPE’s growing influence but also highlights the shifting dynamics in the meme coin market.
Dogecoin (DOGE), the longstanding leader among meme cryptocurrencies, recorded a notable $543 million in trading volume, yet still falls behind PEPE. Despite Dogecoin’s prominent position, it is clear that the meme coin landscape is evolving rapidly. SHIB Inu (SHIB), the second-largest meme coin by market capitalization, has surprisingly logged only $236 million in trading volume. This figure is particularly striking given SHIB’s substantial market cap of $8 billion, suggesting a significant lag compared to its meme coin counterparts.
In the realm of meme coins, Solana-based Dogwifhat (WIF) has secured the third spot with an impressive $426 million in trading volume. Former Goldman Sachs analyst Murad Mahmudov has noted that strong meme coins on Solana are exhibiting “steady growth,” indicating the potential for “parabolic price moves” in the near future. Additionally, TON-based canine meme coin DOGS has made waves with its $410 million trading volume, challenging the top meme coins and showcasing the dynamic nature of the sector.
Also Read: Shiba Inu’s Lucie Slams Meme Coin Comparisons: DeFi Edge Over WIF and PEPE
The meme coin sector as a whole is currently performing well, with most coins trading in tandem with Bitcoin’s price movements. However, Dogecoin stands as the sole major meme coin in the red, experiencing a slight dip of 0.4%. On the other hand, Brett (BRETT), a lesser-known but rapidly rising meme coin, has emerged as a top performer. With a market cap exceeding $500 million, BRETT has surged by over 4% in the last 24 hours, highlighting its strong market presence and potential for further gains.
As the meme coin sector continues to evolve, PEPE’s dominance in trading volume signals a shifting tide. While Dogecoin remains a major player, the rise of PEPE and other emerging meme coins reflects a broader trend of diversification and increased trading activity within this vibrant corner of the cryptocurrency market.
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. Chain Affairs is not responsible for any financial losses.
