Saad Ullah
Pepe sees a threefold increase in trading volume following a 12% drop from its all-time high, sparking speculation about its future trajectory.
Pepe's Trading Volume Surges 3X
The trading volume of meme coin Pepe (PEPEUSD) has skyrocketed threefold since the beginning of May, following a sudden 12% decline from its new all-time highs on May 27.
Starting at $0.000008834 on May 5, Pepe witnessed a remarkable 94% surge to breach all-time highs on May 27, only to slip back to $0.0000151.
Over the past 24 hours, Pepe's trading volume surged to $2.47 billion, marking a staggering 216% increase from the start of the month. Some traders speculate that Pepe's movements may influence the broader meme coin market.
Market Reactions and Sentiment
While Pepe's price dip has led to increased trader interest, skepticism remains about its recent fall from all-time highs. Pseudonymous trader Nebraskangooner suggests that Pepe's pullback may impact other meme coins, including Dogecoin and Shiba Inu (SHIBUSD), which also experienced price declines.
Trader Michael Pizzino warns that Pepe's inability to sustain its all-time highs could signal a potential downturn. Despite Pepe's decline, trader interest has surged, contrasting with decreased trading volumes for Dogecoin and Shiba Inu.
Since its launch in May 2023, PEPE has witnessed significant price growth, soaring by 25,955%. Despite periods of volatility throughout the year, traders have capitalized on PEPE's price fluctuations.
On May 30, Cointelegraph reported a PEPE whale holder making nearly $5 million in profit within a month, capitalizing on the token's recent spike.
Saad Ullah
