Pepe (PEPE), a relatively unknown crypto, has garnered attention in the crypto market as it outperformed both Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of trading volume.
Despite experiencing a 5.8% dip in its price, Pepe witnessed a remarkable surge in trading volume, reaching a staggering $281.3 million within the past 24 hours.
With a market capitalization of $631 million, Pepe has exhibited substantial growth over the course of the week. Surpassing its more popular meme counterparts, Dogecoin and Shiba Inu, Pepe’s trading volume has exceeded expectations.
Despite its larger user base and popularity, Dogecoin recorded a 24-hour trading volume of $189.2 million and holds a market cap of $9.3 billion, trailing behind Pepe.
Similarly, Shiba Inu, another meme-inspired cryptocurrency, exhibited a 24-hour trading volume of $100 million and possesses a market cap of $4.6 billion.
Pepe’s surge aligns with a week of gains observed across the broader cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, witnessed price increases of 14.2% and 8.8%, respectively, over the past week.
Bitcoin’s 24-hour trading volume currently stands at $10.6 billion, while Ethereum’s sits at $7.2 billion. The rise of Pepe highlights the enduring popularity and unpredictable nature of meme cryptocurrencies, which often experience rapid and significant price movements.
