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PEPE, the cryptocurrency associated with the Pepe the Frog meme, has skyrocketed in price and trading volume. According to CoinMarketCap data, PEPE is experiencing a remarkable 322% surge in trading volume.
In the last 24 hours, PEPE's trading volume is higher by 322%, coming in at $2.76 billion. This unprecedented spike in activity accompanies an epic surge in price, which saw PEPE set a fresh all-time high (ATH).
PEPE’s market capitalization has jumped to $4.46 billion, surpassing that of Uniswap to become the 23rd-largest cryptocurrency by market value. The surge in PEPE's trading volumes might signal a surge in investor interest and market activity surrounding the meme-inspired cryptocurrency.
Tomiwabold OlajideAs trading volumes surged, PEPE's price followed suit, embarking on a dizzying ascent that culminated in the establishment of new highs.
PEPE's rally to a new all-time high follows shortly after GameStop stock trader Keith Gill posted to his Roaring Kitty X account for the first time in three years.
Notably, PEPE has been on a steady rise since mid-April. The rally gained further ground after PEPE surpassed the daily MA 50 at $0.000073. After climbing for two consecutive days, the PEPE price accelerated on May 13 to hit all-time highs.
The gains continue to sustain until press time, with PEPE trading in the green as several cryptocurrencies encountered losses. At the time of writing, PEPE was up 20.50% in the last 24 hours to $0.0000105, after soaring to all-time highs of $0.000011 in early trading today.
Whales have also been piling onto the PEPE price action. According to Lookonchain, a trader spent 1.86 million USDC to buy 195 billion PEPE some hours ago, notching an unrealized profit of $236,000. Another whale bought 406.74 million PEPE worth $4.26 million from Binance, having realized $3.72 million on PEPE previously.
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