TLDR
- PEPE’s trading volume has surged 216% since the start of May, reaching $2.47 billion, despite a 12% price drop from its all-time high on May 27.
- The decline in PEPE’s price has led to a decrease in the prices of other major meme coins, such as Dogecoin and Shiba Inu.
- Over 96% of PEPE holders are currently in profit, making it the most profitable among major meme coins.
- PEPE’s market cap has grown significantly since the beginning of the year, reaching $6.11 billion, and it briefly became the 21st-largest cryptocurrency.
- A crypto whale recently transferred nearly one trillion PEPE tokens to Binance, leading to a temporary 10% loss in the token’s value before recovering.
The meme coin market has been abuzz with activity in recent weeks, with Pepe (PEPE) taking center stage.
Despite a 12% price drop from its all-time high on May 27, the frog-themed token has seen a remarkable surge in trading volume, reaching $2.47 billion over the past 24 hours – a staggering 216% increase from the start of the month.
This heightened interest from traders comes amidst a slight decline in Pepe’s price, which slipped from its peak of $0.00001717 to its current trading value of $0.0000147.
However, the token remains up 0.47% over the past seven days and has experienced significant growth since its launch in May 2023, soaring by an impressive 25,955%.
Pepe’s price movements have had a ripple effect on the broader meme coin market, with the two largest tokens by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), experiencing price declines in the same three-day period. Dogecoin fell 6.41% to $0.1604, while Shiba Inu decreased by 8% to $0.00002608.
Despite these fluctuations, Pepe remains the most profitable among major meme coins, with over 96% of its holders currently in the green.
Thanks to an impressive 90% return this month, over 96% of $PEPE holders are now in profit. This positions $PEPE as the most profitable among major memecoins! pic.twitter.com/4BJkjDtha2
— IntoTheBlock (@intotheblock) May 30, 2024
The token’s market cap has grown exponentially since the beginning of the year, rising from approximately $500 million to $6.11 billion at the time of writing. At one point, Pepe even briefly became the 21st-largest cryptocurrency, surpassing well-known altcoins like Polygon and Litecoin.
Pepe’s success has not gone unnoticed by crypto whales, with one investor recently transferring nearly one trillion PEPE tokens to Binance.
This move led to a temporary 10% loss in the token’s value before it recovered. The whale reportedly sold their PEPE assets for approximately $9 million, making a 52% profit of nearly $5 million in less than a month.
