Trading activity in recent days has pushed the newly launched Pepe token (PEPE) to achieve higher trading volumes than Dogecoin (DOGE) and Shiba Inu (SHIB), which are the largest memecoins in terms of trading volumes.
Memecoin Pepe Token Overtakes Other Memecoins in Transaction Volume
Pepe trading volumes surged over $250 million in the last 24 hours amid a 100% price increase over the weekend in a reversal rally on Tuesday night.
During the same period, Dogecoin's trading volume was $225 million, while Shiba inu's trading volume remained at $100 million.
Data from CoinGecko shows crypto exchange OKX saw over $76 million in trading volume for PEPE, followed by $43 million on decentralized exchange Uniswap.
A large portion of these volumes can be generated by automated bots that constantly buy and sell tokens to generate trading activity and provide investors with liquidity for a few dollars in profit.
Although volume is high, looking at the trading board, data shows that a trade of more than $100,000 could result in a 2% drop in PEPE prices on OKX.
By comparison, the same drop would require a trade of $800,000 for Dogecoin on OKX due to its higher market cap and overall liquidity.
Meanwhile, analysts have expressed concern about the behavior of investors who bought relatively large amounts of pepe after it was issued on the Ethereum blockchain and raised the initial capital of around $1,200 to over $9 million in just a few days.
*Not investment advice.