PEPE trading volumes tripled from the start of May shortly after hitting an all-time high

Pepe’s price has declined by 12% from its peak, yet there’s been a remarkable 216% increase in trading volume, suggesting a surge in trader interest.

The trading volume of the meme coin Pepe (PEPE) has surged threefold since the beginning of the month, despite experiencing a sudden 12% drop from its recent all-time highs on May 27th. On May 5th, Pepe was valued at $0.000008834, with a trading volume of $783.17 million. Since then, its price has soared by 94%, hitting new highs before retracting to $0.0000147. Nevertheless, within the past 24 hours, Pepe’s trading volume skyrocketed to $2.47 billion, marking a staggering 216% increase compared to the start of the month.

Some crypto traders speculate that Pepe is currently influencing the meme coin market’s direction, attributing its recent fall from new highs on May 27 to its decline.

One pseudonymous trader, Nebraskangooner, with a significant following, asserted on May 30 that Pepe’s movements dictate those of the broader meme coin market, stating, “Pepe is pulling back so the rest of the meme coin market is too. Pepe is the meme leader right now.”

During the same period, Dogecoin and Shiba Inu, the two largest meme coins by market capitalization, also experienced declines. Dogecoin decreased by 6.41% to $0.1604, and Shiba Inu fell by 8% to $0.00002608.

However, another trader, Michael Pizzino, cautioned that Pepe’s brief all-time high should be viewed as a potential warning if it fails to maintain those levels. Pizzino emphasized in a May 30 post that while Pepe’s price remains relatively strong, a failure to establish new highs in the next rally could signal trouble.

Despite Pepe’s decline sparking increased trader interest over the past 24 hours, resulting in a 26.38% increase, both Dogecoin and Shiba Inu experienced drops in trading volumes, with Dogecoin down by 7.4% and Shiba Inu by 45%.

Since its launch in May 2023, PEPE has seen remarkable price appreciation, skyrocketing by 25,955%. In this year alone, starting from January 1, it has surged by 1,042%. Despite these gains, there have been notable instances of volatility throughout the year, presenting trading opportunities for investors. According to a May 30 report by Cointelegraph, a prominent PEPE holder capitalized on the recent surge, generating close to $5 million in profit from the token within a month.

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