Pepe (PEPE) has experienced a surge in trading volume within the last 24 hours, surpassing both Shiba Inu (SHIB) and Dogecoin (DOGE).
PEPE Defies Expectations with Remarkable Trading Volume Amidst Market Volatility
Despite a minor 5.8% decrease in its price, Pepeโs trading volume reached an astounding $281.3 million during the last 24 hours.
The market capitalization of this meme-inspired digital asset currently stands at $631 million. In contrast to the more widely recognized meme cryptocurrencies, Shiba Inu, Pepeโs trading volume surpassed expectations.
Amidst a significant surge in the value of Bitcoin (BTC) and various alternative cryptocurrencies, PEPE is emerging as the frontrunner within its specific market segment.
As of the time of writing, PEPECOIN has experienced a spike of 38.29%, outpacing its counterparts in terms of growth rate.
PEPECOIN Emerges Victorious, Surpassing Dogecoin, And Shiba Inu
Before the recent resurgence that swept across the entire cryptocurrency industry, PEPECOIN had faced disillusionment from traders who deemed it a digital currency that had lost momentum. On June 22, the cryptocurrency was trading at a spot price of $0.000001425, a level driven by the substantial growth in trading volume observed over the past 24 hours.
PEPEUSDT chart hovers around $0.00000154 | Source: TradingView
CoinMarketCap data reveals a staggering $687 million market capitalization of PEPE tokens, reflecting a 253% surge within the 24-hour timeframe.
Dogecoin fell behind Pepeโs performance 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 cap of $4.6 billion.
This development underlines the dynamic nature of meme cryptocurrencies, where Pepeโs recent surge signifies its growing prominence within the market.
Pepeโs remarkable ascent coincides with a week of gains across the cryptocurrency market as a whole. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market capitalization, had price rises of 14.2% and 8.8%, respectively, in the previous week. Bitcoin boasts a 24-hour trading volume of $11.9 billion, while Ethereumโs volume is $6.8 billion.
Amidst this backdrop, Pepeโs rise further emphasizes the enduring popularity and unpredictable price movements inherent in meme cryptocurrencies.
Notably, Pepe has surged by 64% within the past week, highlighting its rapid growth trajectory.
Featured image from iStock, charts from TradingView.com
