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Popular frog-themed cryptocurrency, Pepe (PEPE) has witnessed a dramatic surge in its trading activities, surpassing prominent cryptocurrencies like XRP, the 7th largest cryptocurrency by market capitalization and Shiba Inu (SHIB), the second largest meme coin by market capitalization.
Trading Activity Surpass Shiba Inu And XRP
A crypto member identified as ‘KingChad’ on X (formerly Twitter) has unveiled Pepe’s remarkable performance over the past month, highlighting the meme coin’s surging 30-day trading volume, which has exceeded a whopping $41 billion.
Pepe’s significant trading activity has notably outperformed XRP and Shiba Inu. Precisely, XRP recorded a trading volume of about $34 billion, signaling a $6.8 billion marginal difference in favor of the meme coin.
Pepe’s significant trading volume has also propelled the cryptocurrency into the ranks of the top 10 cryptocurrencies in terms of weekly and monthly trading activity. In addition to Shiba Inu and XRP, Pepe has surpassed popular meme coins like Dogecoin (DOGE), Dogwifhat (WIF) and Floki (FLOKI).
Dogecoin in particular recorded a 30-day trading volume of $24.6 billion while Floki trailed slightly behind with a $23.4 billion trading volume. Newer Meme coins like Dogwifhat which have experienced gains of over 1,805% since the beginning of the year are still $15.9 billion below Pepe in its 30-day trading volume.
This significant rise in trading activity underscores the meme coin’s increasing popularity among investors, highlighting its bullish strength amidst market conditions. Moreover, it further solidifies the meme coin’s position as a key player in the competitive and volatile crypto market.
In addition to its increase in trading activity, CoinGecko disclosed that the meme coin experienced a surge of more than 50% in the last month, reaching a market capitalization of $6.8 billion and surpassing Polygon (MATIC). The cryptocurrency’s market capitalization has since reduced to $5.99 billion, ranking 21st among the largest cryptocurrencies and falling below Polygon which is currently the 18th most valuable cryptocurrency.
Pepe And Shiba Inu Record Daily Declines
Despite experiencing a soaring trading volume, Pepe’s price has been seeing major declines in the last few days. The frog-themed meme coin and Shiba Inu have been recording daily declines, underscoring the rising market volatility.
As of writing, the meme coin is trading at $0.000014, reflecting a substantial 3.3% decline in the last 24 hours. While Shiba Inu’s price has witnessed a 1.36% drop within the same time frame, pushing its price down to $0.000025.
A crypto analyst identified as ‘The Data Nerd,’ has also revealed substantial transactions executed by a Pepe and Shiba Inu whale. According to the report, an anonymous whale withdrew a staggering 199 billion Pepe, valued at $2.9 million and 37 billion Shiba Inu tokens worth $964,000 from Binance.
The motivation behind these transactions has not been disclosed yet. However, prevailing market conditions may have spurred the withdrawals, as Pepe’s price has been pushed down by 4.3% over the past week.
Featured image created with Dall.E, chart from Tradingview.com
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