Pepe (PEPE) has experienced an increase in trading volume over the past 24 hours, outperforming both Shiba Inu (SHIB) and Dogecoin (DOGE).
PEPE exceeds expectations with remarkable trading volume amid market volatility
Despite a small price drop of 5.8%, Pepe’s trading volume reached an astonishing $281.3 million in the last 24 hours.
The market cap of this meme-inspired digital asset currently stands at $631 million. Unlike the more widely recognized meme cryptocurrencies, Shiba Inu, Pepe’s trading volume exceeded expectations.
Amid a significant rise in the value of Bitcoin (BTC) and several alternative cryptocurrencies, PEPE is emerging as the frontrunner within its specific market segment.
As of writing, PEPECOIN has experienced a spike of 38.29%faster than its counterparts in terms of growth rate.
PEPECOIN emerges victorious, surpassing Dogecoin and Shiba Inu
Before the recent resurgence that swept the entire cryptocurrency industry, PEPECOIN had faced disillusionment from traders who viewed it as 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 seen over the past 24 hours.
PEPEUSDT chart hovers around $0.00000154 | Source: TradingView
CoinMarketCap data reveals a stunning $687 million market cap of PEPE tokens, reflecting a 253% increase in the 24-hour time frame.
Dogecoin lagged Pepe’s performance with a 24-hour trading volume of $189.2 million and a market cap of $9.3 billion. Similarly, Shiba Inu trailed Pepe with a 24-hour trading volume of $103 million and a market cap of $4.6 billion.
This development underscores the dynamic nature of meme cryptocurrencies, with Pepe’s recent rise pointing to his growing prominence within the market.
Pepe’s notable rise coincides with a week of gains in the cryptocurrency market as a whole. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market capitalization, experienced price increases of 14.2% and 8.8% respectively over the past week. Bitcoin has a 24-hour trading volume of $11.9 billion, while Ethereum’s volume is $6.8 billion.
Against this backdrop, Pepe’s rise further highlights the continued popularity and unpredictable price movements inherent in meme cryptocurrencies.
Pepe, in particular, is up 64% in the past week, highlighting its rapid growth trajectory.
Featured image from iStock, charts from TradingView.com
