Trending memecoin PEPE has witnessed a surge in its trading volume within the last 24 hours. The frog-inspired coin has been waxing strong since its inception in April. In a recent development, data shows that the token has outperformed other cryptocurrencies in the same category in the last day.
Pepe’s exponential increase in trading volume sets it ahead of its closest counterparts Dogecoin (DOGE) and Shiba Inu (SHIB). Over the last 24 hours, Pepe’s trading volume reached an impressive $281.3 million according to reports.
Consequently, the memecoin also experienced growth in its market cap compared to the previous week, rising to over $631 million. Furthermore, when compared to Dogecoin (DOGE) and Shiba Inu (SHIB), the surge in Pepe’s (PEPE) trading volume over the last 24 hours has surpassed expectations.
Related Reading: PEPE Memecoin: The new king of the Memes?
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Despite its larger community and user base, Dogecoin (DOGE) had a 24-hour trading volume of $189.2 million. However, DOGE still has a huge market cap of $9.3 billion. Shiba Inu (SHIB), another trending memecoin, on the other hand, recorded a 24-hour trading volume of $100 million with a market cap of $4.6 billion.
Pepe’s (PEPE) trading volume surge can be attributed to its growing adoption and a general crypto market gain that happened in the previous week. Bitcoin, the world’s most popular cryptocurrency experienced a 14% increase in its price in the last week. Similarly, Ethereum, the second-largest cryptocurrency by market cap had a growth of over 8%.
Bitcoin (BTC) and Ethereum (ETH) trading volume over the last 24 hours stands at $10.6 billion and $7.2 billion respectively. The surge in Pepe’s (PEPE) trading volume further highlights the nature of memecoins. They are extremely volatile assets that can experience a rapid increase or decrease in value within a short time.
PEPE price today
According to live data from CoinMarketCap, the price of PEPE today is $0.000002. What’s more, the price is down 4.48% in the last 24 hours. PEPE is ranked #66 on the CoinMarketCap chart with a live market cap of $602,576,655 ($602 million).
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.