Pepe (PEPE) Reaches Record Trading Volumes, Catches Up with BTC and ETH
Release: 2024/05/22 20:41 Reading: 478
Pepe (PEPE) Trading Surge
Pepe (PEPE) trading volumes soared by 85%, reaching record highs as the token price skyrocketed and set another all-time peak. In the short term, PEPE activity closely trailed Bitcoin (BTC) and Ethereum (ETH) trading volumes. PEPE trading exceeded $4.45B in a 24-hour period.
PEPE's Dominance as a Meme Token
PEPE has once again proven its status as a leading meme token. This time, liquidity matched the enthusiasm, with PEPE reaching its second all-time high in less than 10 days.
src="/uploads/20240523/1716394404664e19a4360ad.png">
Source: CryptoCompare
The meme token's price also set a record of $0.000014. PEPE exemplifies a fully launched, fully diluted token, with over 75% of its supply traded in a single day.
src="/uploads/20240523/1716394404664e19a4360ad.png">
Source: Coinmarketcap
PEPE's Unique Momentum
As usual, PEPE's movements are driven by pure meme energy. However, the token gained significant traction in March, with trading volumes rivaling those of blue-chip tokens. On multiple occasions, PEPE activity surged to several billion dollars in 24 hours.
Community Support Fuels PEPE Rally
PEPE is a community-driven asset, supported by solid exchange listings. Its price does not adhere to general market logic, often rallying even during downturns. At the same time, PEPE has benefited from the 2024 bull market.
Also read: PEPE Price Prediction 2024-2030: Will Pepe Coin Dominate Dogecoin And Shiba Inu In 2024?
During recent rallies, PEPE exhibited a characteristic uncommon among other meme tokens. Meme traders typically switch assets rapidly for short-term gains. However, the PEPE community has prioritized holding while promoting the asset.
As a result, PEPE has emerged as a leader in the meme token space.
[Image of a tweet showing PEPE's trading volume]
Sustained Climb and Community Holding
The current rally extends a previous all-time high, where PEPE eliminated a zero and continued its ascent with minimal pauses. The community's willingness to hold has prevented significant crashes thus far.
Whales and Influencers
Whale wallets play a crucial role in price stability. PEPE whales have been aggressively accumulating their holdings and resisting selling. They often purchase other meme tokens and serve as indicators of potential in the meme asset space.
In recent months, whales have been the primary drivers of PEPE's growth, rather than influencers. A total of 321 whale wallets supported PEPE before its latest record-breaking rally.
Source: Dune Analytics
Meanwhile, influencers appear to have abandoned PEPE in search of fresher content. Over the past weeks, influencer wallets have reduced their PEPE holdings. Peak influencer hype for PEPE occurred a year ago, when the price was still moving sideways without signs of major rallies. Seventy percent of influencers who promoted PEPE a year ago have since withdrawn their support.
Community Holds, Anticipating "God Candle"
Paradoxically, the increased volumes and rising prices since March have not triggered selling within the PEPE community. Holding behavior has accelerated in the past two months, with PEPE adding hundreds of new addresses daily.
During the latest price rally, PEPE buying slightly exceeded selling. Additionally, centralized exchanges have recorded a modest outflow of tokens. Top 50 PEPE addresses have also increased their holdings in recent months.
Also read: Trader Made 15,000x Gains on Pepe in a Year, Could Dogeverse Give Similar Gains?
Whales are helping to establish PEPE as a baseline asset while using other meme tokens for short-term trading. The holding behavior suggests an ongoing expectation that PEPE's climb is not over and may result in another eliminated zero or even more significant gains in a single trading day.
[Image of a tweet speculating about a potential "ultra-god candle"]
PEPE's Resilience and Future
PEPE continues to rely heavily on its Binance trading pair against USDT, but the token has also gained widespread distribution on exchanges worldwide.
Another key factor in PEPE's resilience is its ability to provide exposure to the meme trend without the extreme risk associated with other meme tokens. PEPE has no pre-mint or concealed holders waiting to unload their tokens on the community.
Should you include meme tokens in your portfolio?
Cryptopolitan reporting by Hristina Vasileva
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