PEPECoin (PEPE) outperforms SHIB and DOGE in trading volume and records upward trends.
The cryptocurrency industry is known for its highly unpredictable nature and sudden changes, and Pepecoin (PEPE) is no exception. In the past 24 hours, PEPE has seen a dramatic increase in its trading volume, outperforming both Shiba Inu (SHIB) and Dogecoin (DOGE). The cryptocurrency has been showing consistent growth in recent times.
Sentiment, an on-chain data vendor, drew attention to the meme-inspired coin after it saw a 61% increase in value last week. In a tweet on June 22, Santiment noted that even large investors, or whales, were investing in the cryptocurrency despite the recent dip in the market after Bitcoin (BTC) crossed the $30,000 price level for the first time since April 2023. PEPE has continued to maintain its positive trajectory, leading to a significant increase in its trading volume.
Meanwhile, Bitcoin and Ethereum have seen some gains in the past week as the cryptocurrency market struggles to recover. BTC saw a 14.2% increase, while ETH grew by 8.8% during the same period. At present, BTC’s 24-hour trading volume has increased by 4.74%, while Ethereum’s has increased by 9.15%.
PEPE Surpasses DOGE and SHIB in Trading Volume
PEPE has been the best performer of the past week, growing by more than 70%. During the same period, it achieved a major milestone in terms of the number of holders, reaching a peak of 128,600. How could a coin that was launched less than three months ago achieve such a feat? PEPE was released on April 15, 2023, at about $0.000000001 and currently trades at $0.000001555. It is ranked 66th by CoinMarketCap and has a market cap of $610 million. Its 24-hour trading volume market cap stands at 41.10%, and its value has dropped by about 3% in the last 24 hours.
- LTC mining difficulty rises ahead of halving.
- Gemini enables Voyager customers to withdraw previously inaccessible funds after bankruptcy.
- Bybit has been granted a crypto license by Cyprus.
Despite the drop in price, PEPE has recorded a significant 24-hour trading volume of $281.3 million. With its recent performance, the new coin has surpassed both Dogecoin and Shiba Inu. The two leading meme cryptocurrencies have started to slump after recent growth. Shiba Inu’s 24-hour trading volume has declined by more than 11%, and its market cap has also dropped by 2.85%. Meanwhile, DOGE’s 24-hour trading volume has dropped by over 14% to $205 million, and its market valuation has fallen by 2.57% to $9 billion. Clearly, PEPE has significantly outperformed SHIB and DOGE in terms of trading volume.
The recent upward trend of meme coins can be attributed to various factors, including Coinbase’s victory over regulators. The outcome of the matter has renewed confidence in the cryptocurrency space. Social media hype and trends also contribute to the inexplicable surges in memecoins like Dogecoin, Shiba Inu, and Pepecoin.
