Popular frog-themed cryptocurrency, Pepe (PEPE) experienced a dramatic increase in its business activities, outperforming major cryptocurrencies like XRP, the 7th largest cryptocurrency by market cap and Shiba Inu (SHIB), the 2nd largest coin by market cap.
Trading activity overtakes Shiba Inu and XRP
A crypto member identified as “KingChad” on revealed Pepe’s remarkable performance over the past month, highlighting the meme coin’s 30-day trading volume surge, which surpassed a whopping $41 billion.
Pepe’s significant trading activity significantly outperformed XRP and Shiba Inu. Exactly, XRP recorded a trading volume of approximately $34 billion, signaling a marginal difference of $6.8 billion in favor of the meme coin.
Pepe’s large trading volume also propelled the cryptocurrency into the top 10 cryptocurrencies in terms of weekly and monthly trading activity. In addition to Shiba Inu and XRP, Pepe has overtaken popular coins like Dogecoin (DOGE), Dog Hat (WIF) and Floki (FLOKI).
Dogecoin in particular recorded a 30-day trading volume of $24.6 billion, while Floki was slightly behind with a trading volume of $23.4 billion. More recent Meme Coins like Dogwifhat, which has seen gains of over 1,805% year-to-date, is still $15.9 billion behind Pepe in its 30-day trading volume.
This significant increase in trading activity highlights the growing popularity of the meme coin among investors, highlighting its bullish force amid market conditions. Additionally, this further strengthens the meme coin’s position as a key player in the competitive and volatile crypto market.
In addition to its increased trading activity, CoinGecko revealed that the meme coin has seen an increase of over 50% over the past month, reaching a market cap of $6.8 billion and surpassing Polygon (MATIC). The cryptocurrency’s market capitalization has since shrunk to $5.99 billion. ranking 21st among the largest cryptocurrencies and ranking below Polygon, which is currently the 18th most valuable cryptocurrency.
Pepe and Shiba Inu record daily declines
Despite a sharp increase in trading volume, Pepe’s price has been significant declines are observed the last days. The frog-themed meme coin and Shiba Inu recorded daily declines, highlighting the increasing market volatility.
At the time of writing, the meme coin is trading at $0.000014, reflecting a substantial 3.3% decline over the past 24 hours. While The price of the Shiba Inu saw a decline of 1.36% during the same period, bringing its price down to $0.000025.
A crypto analyst identified as “The Data Nerd” also revealed Substantial transactions executed by a Pepe and Shiba Inu whale. According to the report, an anonymous whale Withdrew a staggering 199 billion from Pepe, valued at $2.9 million and $37 billion Shiba Inu Tokens worth $964,000 from Binance.
The motivation behind these transactions has not yet been disclosed. However, current market conditions may have motivated these withdrawals, as Pépé’s price was pushed down 4.3% over the past week.
Featured image created with Dall.E, chart from Tradingview.com
