In 2023, Pepe (PEPE), a frog-themed meme coin, outpaced several altcoins, including XRP and Shiba Inu (SHIB), with an extraordinary surge in trading activities. This notable performance propelled PEPE to the forefront of the cryptocurrency market.
How Did PEPE Outperform XRP and SHIB?
A cryptocurrency analyst on X recently highlighted PEPE’s remarkable price performance, noting a 30-day trading volume exceeding $41 billion within the meme coin sector. This surge positioned PEPE ahead of XRP, which generated approximately $34 billion in trading volume, creating a $6.8 billion difference that brought PEPE into the limelight.
The substantial trading activity not only placed PEPE among the top 10 cryptocurrencies in both weekly and monthly reviews but also saw it surpassing other popular meme coins like Dogecoin (DOGE), Dogwifhat (WIF), and Floki (FLOKI). DOGE, the leading meme coin, recorded a 30-day trading volume of $24.6 billion, followed by Floki with $23.4 billion.
Why Did PEPE Experience a Price Surge?
In addition to increased trading volumes, PEPE saw a surge of over 50% last month, reaching a market value of $6.8 billion and surpassing Polygon (MATIC). However, its market value recently dipped to $5.39 billion, positioning it at 23rd place.
Key Insights for Cryptocurrency Investors
- PEPE outperformed major altcoins in trading volume, highlighting its rising popularity.
- Dogecoin and Floki, other notable meme coins, also saw significant trading activities.
- PEPE’s market value exhibited high volatility, with dramatic rises and falls.
- Despite a drop in price, PEPE’s trading volume continues to show strong activity.
Pepe’s price, despite the surge in trading volume, encountered significant drops in the past few days. At the time of writing, PEPE was trading at $0.0000128, marking a decline of over 10% in the last 24 hours. Meanwhile, Shiba Inu also experienced a price drop of 6.36% to $0.00002361. Despite this, both coins saw substantial increases in their 24-hour trading volumes, with PEPE’s rising to $1.9 billion and SHIB’s to $785 million.
