Trading volume of meme coin Pepe (PEPE) is up three times higher than the start of the month after suddenly falling 12% from new all-time highs on May 27.
On May 5, Pepe was trading at $0.000008834, with its trading volume at $783.17 million. It's price since gained 94% to breach all-time highs on May 27, though it's slipped since and is now trading at $0.0000147.
However, over the past 24 hours, Pepe’s trading volume reached $2.47 billion, a 216% surge from the start of the month.
While some crypto traders believe that Pepe is steering the direction of the entire meme coin market, others remain skeptical of its sudden fall after recently hitting new highs on May 27.
“Pepe is pulling back so the rest of the meme coin market is too. Pepe is the meme leader right now,” pseudonymous crypto trader Nebraskangooner told his 345,700 X followers on May 30.
As Pepe’s price fell, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), also experienced price declines in the same three-day time frame.
Dogecoin fell 6.41% to $0.1604, and Shiba Inu decreased by 8% down to $0.00002608, according to CoinMarketCap data.
However, crypto trader Michael Pizzino believes that Pepe’s short-lived all-time high should serve as a warning sign if it fails to sustain those levels again.
“Pepe is technically in the strongest position in terms of price, BUT…If the next rally fails to print a new high, look out,” Pizzino declared in a May 30 X post.
While Pepe’s decline has only led to more trader interest over the past 24 hours, a 26.38% increase, Dogecoin, and Shiba Inu saw trading volumes drop by 7.4% and 45% respectively.
Related: PEPE whale up nearly $5M on investment within a month
Since launching in May 2023, PEPE has experienced significant price growth, soaring by 25,955%. Just this year alone, since Jan. 1, it has surged by 1,042%.
However, there have been several periods of significant volatility throughout the year, which traders have capitalized on.
On May 30, Cointelegraph reported that a PEPE whale holder capitalized on the most recent spike by making nearly $5 million profit on the Pepe token within a month.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
