Meme coin Pepe recently experienced significant trading activity and price fluctuations. Despite its recent price drop, Pepe’s trading volume intriguingly increased, indicating a high level of interest and activity among investors. So, what levels should be monitored for PEPE’s price from this point on?
PEPE Trading Volume Increased
At the beginning of May, Pepe was trading at $0.000008834 with a trading volume of $783.17 million. On May 27, Pepe reached an all-time high, and its price increased by 94% to $0.000015. However, shortly after reaching this peak, the price dropped by 12% to $0.0000147. Despite this decline, the trading volume rapidly increased, reaching $2.47 billion in the last 24 hours, showing a 216% increase since the beginning of the month.
The sharp increase in trading volume amid the price drop indicated high investor interest in Pepe. Over the past week, Pepe’s price saw a slight increase of 0.47%. Some investors view Pepe as a significant player in the meme coin market, while others remain cautious about sudden price movements.
A cryptocurrency investor named Nebraskangooner expressed on social media that Pepe appears to be leading the meme coin market by influencing the price movements of other meme coins like Dogecoin and Shiba Inu.
Other Meme Coins Affected by PEPE’s Decline
The impact of Pepe’s price drop was also observed in other major meme coins. Dogecoin’s price fell by 6.41% to $0.1604, while Shiba Inu dropped by 8% to $0.00002608 during the same period. Despite these declines, unlike Dogecoin and Shiba Inu, whose trading volumes fell by 7.4% and 45% respectively, Pepe’s trading volume increased.
Another crypto investor, Michael Pizzino, emphasized the importance of Pepe maintaining its recent high levels. He warned that if Pepe fails to reach new highs in its next rally, it could be a concerning sign for investors.
Since its launch in May 2023, Pepe has shown remarkable price growth with an overall increase of 25,955%. It has increased by 1,042% just this year. However, this growth has been accompanied by significant periods of volatility, creating opportunities for investors to profit. For instance, a notable event involved a PEPE whale who capitalized on the recent price surge, making approximately $5 million in profit within a month.
