PEPE dominates DOGE and SHIB in daily trading volume despite 25% weekly drop

Despite its recent price drop, the hype around PEPE is far from over, as crypto whales are still accumulating.

Its daily trading volume has exceeded well-known memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) for more than a week.

still in limelight

One of the best performers in the cryptocurrency market over the past several weeks – Pepe Coin (PEPE) – has lost some steam recently, with its price plummeting 26% within the past week. Its market capitalization also decreased significantly: from over $1.6 billion in early May to less than $700 million at the time of writing (according to CoinMarketCap).

However, some crypto whales seem unfazed by the decline and have recently bought up a substantial amount of assets. A user who previously made a profit of $2.2 million from Memecoin Spent $2.1M worth of ETH to buy back 1.33T PEPE. another investor replaced 397,182 APE for over 748M PEPE.

Apart from the association with crypto whales, PEPE has been the memecoin with the highest daily trading volume for more than a week. Twitter user borovick.eth pointed out that PEPE’s 24-hour volume has exceeded $350 million, while DOGE is in second place with $214 million.

$ pepe Memecoin has been #1 in volume for over a week pic.twitter.com/nv2T8FPrHH

— borovik.eth (@3orovik) May 15, 2023

PEPE’s turbulent first month

The asset, which launched in mid-April, quickly attracted massive attention. The initial hype was so high that its price was charting the ATH almost daily. Savvy investors used the opportunity to become millionaires overnight with a turn His $27 investment grew to $1 million in a matter of days.

The PEPE craze continued in full force in May with several crypto exchanges listing the token. OKX, BitMEX, and even the world’s largest binance – There are some examples.

The property became so popular that even celebrities joined its ecosystem. Such was the case with American rapper DeAndre Cortez Way (better known as Soulja Boy), who Said He “got rich off PEPE.”

some traders sold NFTs to invest in Memcoin, part of the Bored Apple Yacht Collection (BAYC), below the floor price.

After peaking on May 5, PEPE’s price and market capitalization began to fall, leading to suspicions that the hype was over and that speculative investors might have turned away.

Nonetheless, the asset’s trading volume, the ongoing activity of whales, and the USD spike During the weekend it may indicate that this is not the case. Finally, PEPE broke into the top 45 largest crypto assets (currently standing at the 63rd position) less than a month later, at one point beating well-known tokens such as SAND, AXS, XTZ, MANA, STX, and more. crossed the