New meme coin PEPE surpasses major cryptocurrencies by trading volumes

Updated: 09 May 2023

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The new hottest meme coin in the market, Pepe token (PEPE), has recently seen trading volumes surging significantly. The volumes have surpassed those of the leading cryptocurrencies with high market capitalizations. The native token for the BNB chain, BNB, and Ripple’s XRP, has been overtaken by PEPE in trading volumes.

PEPE surpasses major cryptocurrencies by trading volumes

The price of the PEPE cryptocurrency has increased by over 3,000% in the last three weeks. An anonymous cryptocurrency influencer posted a tweet highlighting the increased trading volumes on the platform.

If you remove the stables $PEPE is still #3 in daily volume at 2.37 billion behind #Bitcoin and #Ethereum $XRP is #4 with .71 billion pic.twitter.com/DSLqwbhFtG

— cd (@thecryptodawg) May 7, 2023

The trading volumes reported by PEPE in the last 24 hours have reached $1.15 billion. It has surpassed the trading volumes of some top cryptocurrencies, such as XRP, which has $1.12 billion worth of trading volumes at the time of writing. It has also surpassed the $512 million trading volumes by BNB.

PEPE is now ranking third among non-stablecoins in terms of the highest 24-hour trading volumes, according to data by CoinMarketCap. While the trading volumes show signs of cooling down, the token still attracts much interest. The majority of trading volumes for PEPE originate from the Binance cryptocurrency exchange.

Binance, the largest cryptocurrency by trading volumes, listed PEPE on the Innovation Zone on May 5. The announcement made by Binance to list the meme coin came at a time when other leading trading platforms in the crypto sector, such as Crypto.com and KuCoin, also listed the token.

“Pepe is here to make memecoins great again. Launched stealth with no presale, zero taxes, LP burnt, and contract renounced, PEPE is a coin for the people, forever. Fueled by pure memetic power, let PEPE show you the way,” the Pepe the Frog website says.

The increased trading volumes for PEPE are due to the overwhelming interest in the meme coin compared to other cryptocurrencies. The meme coin is barely a month old but has surged significantly with a market capitalization of $770 million, ranking it the 56^th largest cryptocurrency.

PEPE is a meme coin inspired by Pepe the Frog, an infamous meme and cartoon character. The token was launched on April 17, 2023. The token has boomed despite a warning about the potential ability of the contract owner to alter the transaction taxes and blacklist functions. The PEPE token has made a significant recovery.

The early investors in PEPE have reaped significant returns. One crypto investor invested 0.125 ETH into PEPE just before the rally, and they managed to make $1.14 million from this investment.

The SmartMoney is the luckiest guy I've seen recently.

He spent 0.125 $ETH ($251) to buy 5.9T $PEPE ($1.14M currently) 4 days ago.

If he sells at the current price of $0.0000001933, he will get a profit of ~$1.14M, more than 4,500x.https://t.co/cUqMO6zIVO pic.twitter.com/Ex5voyRvsa

— Lookonchain (@lookonchain) April 19, 2023

The popularity of meme coins

The popularity of meme coins has exploded in recent years. The meme coin hype started with the Dogecoin cryptocurrency, whose popularity boomed and triggered interest in rivals such as Shiba Inu, BabyDoge, Wojak, and ArbDoge.

One of the main reasons meme coins have become increasingly popular is that they provide investors with an opportunity to make significant returns, as seen in the recent rally in PEPE that has turned into a success story.

However, the significant increase and the high volatility in meme coins pose a significant risk to investors. The risk of investing in these tokens is significant, especially for those new to the cryptocurrency sector who might lose funds after investing.

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