A virtually unheard-of cryptocurrency called Pepe (PEPE) has experienced a sharp increase in trade volume over the last day, surpassing both Shiba Inu (SHIB) and Dogecoin (DOGE).
Pepe’s 24-hour trading volume hit an astounding $281.3 million despite a 5.8% price decline.
The market valuation of the meme-inspired digital asset currently stands at $631 million, having increased significantly during the previous week.
Pepe’s trading volume has far beyond expectations when compared to the meme cryptocurrencies Dogecoin and Shiba Inu, which are more well-known.
Dogecoin trailed Pepe despite having a bigger user base and more popularity, with a 24-hour trading volume of $189.2 and a market worth of $9.3 billion. Shiba Inu, another meme cryptocurrency, lagged behind Pepe with a market worth of $4.6 billion and a daily trading volume of $100 million.
Pepe’s growth coincides with a week of improvements for the whole cryptocurrency market. The two biggest cryptocurrencies by market size, Bitcoin (BTC) and Ethereum (ETH), saw their prices rise by 14.2% and 8.8%, respectively, during the previous week. The 24-hour trading volume for Bitcoin is $10.6 billion, whereas that for Ethereum is $7.2 billion.
The success of Pepe serves as a reminder of the meme cryptocurrencies’ enduring appeal and their erratic, frequently sudden price swings.
The meme coin has increased by 64% only in the last week.
