Pepe (PEPE) Reaches Record Trading Volumes, Catches Up with BTC and ETH

Pepe (PEPE) trading volumes grew by 85%, reaching peak levels as the token price went vertical and charted another all-time high. In the short term PEPE activity lined up just behind trading volumes for Bitcoin (BTC) and Ethereum (ETH). PEPE trading peaked above $4.45B in 24 hours.

PEPE once again proved its spot as one of the most active meme tokens. This time, liquidity matched the enthusiasm. PEPE reached the second all-time high in under 10 days.

Source: CryptoCompare

The meme token price also set a record at $0.000014. PEPE is the example for a fully launched, fully diluted token, where more than 75% of the supply was traded in a day.

Source: Coinmarketcap

As usual, PEPE moves on pure meme energy. But the token truly picked up in March, charting volumes similar to those of blue-chip tokens. On several occasions, PEPE activity increased to a few billion in 24 hours. 

Wave of Holders, Buyers Supports PEPE Rally

PEPE is a community-driven asset, also supported by solid exchange listings. The token’s price does not follow general market logic, and sometimes rallies even during downturns. At the same time, PEPE benefitted 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 also showed a feature uncommon for other meme tokens. Meme traders will often quickly switch from one asset to the next for short-term gains. In the case of PEPE, the community has agreed to hold while also boosting the asset’s profile. 

The result is that PEPE succeeded in emerging as a meme token leader. 

$PEPE is doing:

4x more volume than $SHIB
2x more volume than $DOGE

Total volume for $PEPE across all CEX and DEX is $4,500,000,000 (#3 excluding stables) in 24h.

🐸 pic.twitter.com/gUTAgGN2tH

— Plazma (@Plazma0x) May 22, 2024

The current climb extends a previous all-time high, where PEPE ate a zero and continued almost without a pause. The community’s readiness to hold has prevented deep crashes so far. 

Whales Move In, Influencers Move Out

Whale wallets are also key to price stability. PEPE whales have shown immense readiness to increase their stashes while refusing to sell. PEPE whales often buy other meme tokens and are seen as an indicator of new meme asset potential. 

In the past months, it was whales rather than influencers that boosted PEPE. A total of 321 whale wallets supported PEPE right before its latest record rally.

Source: Dune Analytics

At the same time, influencers seem to have abandoned PEPE in search of more fresh content. Over the past weeks, influencer wallets have shed their PEPE holdings. Peak influencer hype for PEPE is from a year ago, when the price was still moving sideways, with no signs of record-breaking rallies. Seventy percent of influencers who hyped PEPE a year ago abandoned the project.

PEPE Community Holds, Awaiting “God Candle”

Paradoxically, the higher volumes and rising prices since March did not lead to selling for the PEPE community. Holding behaviors accelerated in the past two months. PEPE adds a few hundred new addresses each day. 

During the latest price rally, PEPE buying slightly exceeded selling. Additionally, centralized exchanges noted a small outflow of tokens. Top 50 PEPE addresses also grew their holdings in the past few months. 

Also read: Trader Made 15,000x Gains on Pepe in a Year, Could Dogeverse Give Similar Gains?

Whales are helping PEPE become a baseline asset and using other meme tokens for short-term flipping. The holding behavior drives the ongoing expectation that PEPE is not done with its climb and may eat another zero or even outperform in one trading day. 

If you look at the last two days, $PEPE has printed two of its longest GREEN candle in history. I think there is a potential that the ultra-god candle is coming soon!! pic.twitter.com/alOyjPFKnj

— davie satoshi (@NFTdavie) May 22, 2024

PEPE still depends on its Binance trading pair against USDT, but the token is also widely distributed on exchanges worldwide. 

Another key element for PEPE’s resilience is that the token gives exposure to the meme trend without the outsized risk. PEPE does not have pre-mint or hidden holders who are waiting to dump their tokens on the community. Should you include meme tokens in your portfolio?

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Cryptopolitan reporting by Hristina Vasileva