The recently created Pepe token (PEPE), which has seen frenzied trading activity, has seen trade volumes surpass those of dogecoin (DOGE) and Shiba Inu (SHIB), the two biggest meme coins by trading volume.
In the last 24 hours, Pepe trade volume increased to almost $250 million amid a weekend price increase of 100% in a rally that turned around on Tuesday night. Dogecoin saw $225 million in trading volume during that time, compared to $100 million for Shiba inu.
According to CoinGecko data, the decentralized exchange Uniswap had a $43 million trading volume for Pepe tokens, followed by the cryptocurrency exchange OKX with around $76 million.
The recently created Pepe token (PEPE), which has seen frenzied trading activity, has seen trade volumes surpass those of dogecoin (DOGE) and Shiba Inu (SHIB), the two biggest meme coins by trading volume.
In the last 24 hours, Pepe trade volume increased to almost $250 million amid a weekend price increase of 100% in a rally that turned around on Tuesday night. Dogecoin saw $225 million in trading volume during that time, compared to $100 million for Shiba inu.
According to CoinGecko data, the decentralized exchange Uniswap had a $43 million trading volume for Pepe tokens, followed by the cryptocurrency exchange OKX with around $76 million.
The majority of the volume might be produced by automated bots that continuously purchase and sell tokens to stimulate trading activity and give investors liquidity in exchange for a few gains.
As a result, the data indicates that a trade of more than $100,000 can result in a 2% drop in the pipe price on OKX. Due to its higher market capitalization and general liquidity, dogecoin on OKX would require a trade of $800,000 for the same dip.
Meanwhile, early Pepe purchasers are profiting.
One trader on Uniswap on Monday exited a pepe position in one go by taking a 40% slippage haircut, as some traders on Crypto Twitter noted. An examination of the wallet address revealed that the trader had converted one ether (ETH) worth $1,800 at the time into more than $3 million in pepe in less than two weeks.
According to DEXTools statistics, as of Wednesday morning, sellers were consistently offloading the tokens for one ether to more than seven ether, adding to the selling pressure. However, the data indicates that buying activity is still very active, with 6,500 buys to 3,300 sales in the previous 24 hours.
Analysts have already expressed alarm about the actions of investors who purchased substantial amounts of Pepe following its release on the Ethereum network, turning $1,200 of original investment into nearly $9 million in days.
Pepe has decreased by 18% in the last 24 hours.
