Pepe (PEPE), a relatively unknown cryptocurrency, has seen a dramatic surge in trading volume over the past 24 hours, outperforming both Shiba Inu (SHIB) and Dogecoin (DOGE).
Despite a dip in its price of 5.8%, Pepe's 24-hour trading volume reached a staggering $281.3 million.
The meme-inspired digital asset's market capitalization sits at $631 million, showing significant growth over the past week.
Compared to the more popular meme cryptocurrencies, Dogecoin and Shiba Inu, Pepe's trading volume has significantly exceeded expectations.
Alex Dovbnya
Pepe's surge comes amid a week of gains for the cryptocurrency market at large. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, saw their prices increase by 14.2% and 8.8% respectively over the past week. Bitcoin's 24-hour trading volume stands at $10.6 billion, and Ethereum's at $7.2 billion.
The rise of Pepe highlights the continued popularity and unpredictable nature of meme cryptocurrencies, which often experience swift and dramatic price movements.
The meme coin is up 64% over the past week alone.
Dan Burgin
Vladislav Sopov