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.
Dogecoin, with a 24-hour trading volume of $189.2 and a market cap of $9.3 billion, fell behind Pepe despite its larger user base and popularity. Shiba Inu, another meme cryptocurrency, also trailed behind Pepe, recording a 24-hour trading volume of $100 million and a market cap of $4.6 billion.
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.
Denys Serhiichuk
Tomiwabold Olajide