Token Pepe (PEPE) has surpassed the two largest meme coins in the market, Dogecoin (DOGE) and Shiba Inu (SHIB), in trading volume. Pepe has taken the market by storm with a volume of over $250 million in the past 24 hours.
Pepe’s rally started over the weekend with a 100% price increase, but then reversed on Tuesday night. However, trading volumes are still high, most of which are generated by automated bots. These bots are constantly buying and selling tokens to generate trading activity and provide liquidity to investors, thereby generating profits for themselves.
Trading activity on Pepe was not as liquid as Dogecoin or Shiba Inu, resulting in small transactions of over $100,000, which was enough to cause a 2% drop in Pepe’s price on OKX. In contrast, an $800,000 Dogecoin trade on OKX would trigger a similar drop due to higher overall liquidity and market cap.
Source: Coinecko
Early buyers of Pepe are taking profits, with a trader attempting to exit a Pepe position, expecting a loss due to a one-off 40% drop on Uniswap. Analysis of wallet addresses showed that traders turned one ether (ETH), then worth $1,800, into Pepes worth $3 million in just two weeks.
Selling pressure was further fueled by sellers regularly selling tokens worth anywhere from 1 ether to more than 7 ether on Wednesday morning, according to DEXTools data. However, buying activity remains strong, with 6,500 buyers and 3,300 sellers in the past 24 hours.
Analysts have previously raised concerns about the behavior of investors who bought large amounts of Pepe after its launch on the ethereum blockchain. These investors turned an initial capital of roughly $1,200 into more than $9 million in just a few days.
Despite the surge in trading volume, Pepe is still down 10% over the past 24 hours. As with any memecoin, the market is volatile and investors must be cautious. Frenzied trading activity can lead to handsome profits, but it can also lead to major losses.
BitMEX Listing Announcement
The BitMEX exchange announced on Twitter that it has listed Pepe on its platform. Users can now trade memecoins against USD and USDT with up to 50x leverage.
🎢🐸🐸🎢
our new $PEPE Perpetual Swap Trading List Now Live on BitMEX
You can go long or short now $PEPE $$ and $PEPE $USDT …up to 50x leverage + best risk limits in the industry.deal now
BTC Marginhttps://t.co/R5lOu4r8Zw
USDT Margin https://t.co/oPDq5AJVuM pic.twitter.com/dmSkNTfpkB
— Bitcoin (@BitMEX) May 3, 2023
Pepe (PEPE) can also be traded on several other major cryptocurrency exchanges. According to CoinGecko data, some of the top exchanges offering Pepe trading pairs include OKX, Uniswap (v2), MEXC Global, Huobi, and Gate.io.
These platforms provided Pepe with a variety of trading pairs such as PEPE/USDT and PEPE/WETH. The highest trading volume was OKX, accounting for 34.75% of the total trading volume in 24 hours.
- How does CEO Changpeng Zhao comment on the listing of PEPE on Binance?
- How many people have become PEPE millionaires?
board take
according to Kyptos
