Pepe (PEPE) has seen an increase in trading volume over the past 24 hours, surpassing both Shiba Inu (SHIB) and Dogecoin (DOGE).
PEPE exceeds expectations with remarkable trading volume amid market volatility
Despite a slight price decline of 5.8%, Pepe’s trading volume reached an astonishing $281.3 million in the past 24 hours.
The market capitalization of this meme-inspired digital asset currently stands at $631 million. In contrast to the more well-known meme cryptocurrencies, Pepe’s trading volume has exceeded expectations.
Amid a significant rise in the value of Bitcoin (BTC) and various alternative cryptocurrencies, PEPE is emerging as the leader in its specific market segment.
At the time of writing this article, PEPECOIN has seen a 38.29% increase, surpassing its competitors in terms of growth rate.
PEPECOIN emerges as the winner, surpassing Dogecoin and Shiba Inu
Prior to the recent resurgence that swept across the entire cryptocurrency industry, PEPECOIN had been disillusioned by traders who believed it had lost momentum. On June 22, the cryptocurrency was trading at a spot price of $0.000001425, a level driven by the significant growth in trading volume observed in the past 24 hours.
CoinMarketCap data shows a staggering market capitalization of PEPE tokens amounting to $687 million, representing a 253% increase within 24 hours.
Dogecoin lagged behind Pepe with a 24-hour trading volume of $189.2 million and a market capitalization of $9.3 billion. Similarly, Shiba Inu trailed behind Pepe with a 24-hour trading volume of $103 million and a market capitalization of $4.6 billion.
This development highlights the momentum of meme cryptocurrencies, with Pepe’s recent surge signifying its growing importance in the market.
Pepe’s remarkable rise coincides with a week of gains across the entire cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market capitalization, saw price increases of 14.2% and 8.8% respectively in the past week. Bitcoin has a 24-hour trading volume of $11.9 billion, while Ethereum’s volume stands at $6.8 billion.
Against this backdrop, Pepe’s rise underscores the enduring popularity and unpredictable price movements inherent in meme cryptocurrencies.
Notably, Pepe has risen by 64% in the past week, further emphasizing its rapid growth trajectory.
