In just a mere fortnight, Pepe coin (PEPE), the latest entrant in the world of meme coins, has swiftly compounded its trading volume, leaving behind dogecoin (DOGE) and shiba inu (SHIB) in its wake. Currently boasting a market cap of $366 million, PEPE’s trading volume skyrocketed to over $250 million within the last 24 hours as of May 3, outpacing Dogecoin’s $239 million and Shiba Inu’s $100 million.
Several factors contributed to Pepe coin’s upward trajectory. One of the most significant reasons is the token’s listing on prominent cryptocurrency exchanges such as OKX and Huobi, enabling the trading of PEPE in greater volumes. CoinMarketCap data reveals that PEPE tokens experienced trading amounts surpassing $100 million on Uniswap (UNI), followed by $72 million on OKX.
Moreover, a sharp increase in Google search queries contributed to PEPE’s meteoric rise. As the Google Trend score for Pepe Coin soared, it indicated growing investor interest in this particular meme coin. This augmented online presence not only boosted trading volumes but also positively impacted its price.
On the flip side, early investors in Pepe Coin have already started cashing in on its success. For instance, one investor turned an ether (ETH) investment worth $1,800 into a staggering $3 million worth of PEPE in a little over two weeks. Such stories of success serve as an impetus for others to invest in meme coins, hoping to strike it rich overnight.
However, it’s crucial to navigate this enigmatic world of meme coins with a hint of skepticism. While the remarkable gains of Pepe Coin are undeniable, one cannot overlook the inherent risks associated with such investments. Trading in meme coins can be a double-edged sword; hence investors must exercise caution and conduct thorough research before deciding to invest.
In conclusion, the rapid ascendancy of Pepe Coin in the world of meme coins has captured the attention of crypto enthusiasts and investors alike. The token now proudly holds the title of the premier meme coin in terms of trading volume, outpacing well-established rivals such as DOGE and SHIB. Although it appears to be a promising investment opportunity, prudent investors should remain vigilant and approach the meme coin market with a healthy mix of optimism and caution.
Source: crypto.news
