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Pepe token (PEPE), a freshly-debuted meme-based cryptocurrency, has surpassed the trading volumes of its counterparts, Dogecoin (DOGE) and Shiba Inu (SHIB), due to a whirlwind of transactions.
The Pepe token experienced a trading volume explosion of over $250 million within the last 24 hours, fueled by a 100 percent price increase over the weekend. However, this meteoric rise came to a halt on Tuesday evening. During the same timeframe, Dogecoin's trading volumes reached $225 million, while Shiba Inu lagged significantly behind at $100 million.
CoinGecko data reveals that the cryptocurrency exchange OKX experienced the largest share of Pepe token trading, exceeding $76 million. The decentralized exchange Uniswap followed with an impressive $43 million in trading volumes.
It is important to note that a significant portion of these transactions might be driven by automated bots, which continuously purchase and sell tokens in order to stimulate trading activity and offer liquidity to investors for marginal profits.
The data reveals that a single trade of over $100,000 can trigger a 2 percent drop in Pepe token prices on OKX, due to its relatively lower market capitalization and overall liquidity compared to Dogecoin. In contrast, Dogecoin would require a trade of $800,000 on OKX to experience the same 2 percent decline.
In the midst of these fluctuations, early Pepe token adopters are seizing the opportunity to cash in on their profits. Currently, Pepe tokens lead the meme market, echoing Dogecoin's initial appeal.
Investors are drawn to meme coins like Pepe, Dogecoin, and Shiba Inu despite their lack of practical use cases, hoping to capitalize on the viral momentum and secure substantial profits. These coins have gained popularity due to their potential for staggering returns, driven by social media hype and influential personalities like Elon Musk.
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