Pepe Coin (PEPE), a well-known meme-inspired cryptocurrency, has experienced a notable increase in trading volume over the past 24 hours, outperforming both Shiba Inu (SHIB) and Dogecoin (DOGE). Despite a 1% price decline, PEPE managed to achieve an impressive 24-hour trading volume of $240 million.
Its market capitalization currently sits at $626 million, indicating substantial growth over the past week. In comparison to the more popular meme-inspired cryptocurrencies like Dogecoin and Shiba Inu, Pepe’s trading volume has surpassed expectations.
Dogecoin, despite its larger user base and popularity, experienced a 24-hour trading volume of $207 million and a market cap of $9.3 billion, trailing behind Pepe Coin. Similarly, Shiba Inu recorded a 24-hour trading volume of $104 million and a market cap of $4.6 billion, placing it behind Pepe as well.
Pepe Coin rises by 72%
Pepe’s surge coincides with a week of overall gains in the cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, observed price increases of 15.3% and 10% respectively over the past week. Bitcoin’s 24-hour trading volume currently stands at $14 billion, while Ethereum’s stands at $6.8 billion.
The rise of Pepe highlights the enduring popularity and unpredictable nature of meme-inspired cryptocurrencies, which often experience swift and substantial price fluctuations. Notably, the meme coin has surged by 72% in just the past week. The trending meme coin is currently trading at $0.000001607 according to CoinMarketCap data.