The newly launched Pepecoin (PEPE) has surpassed the trading volumes of dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins by trading volume.
Pepecoin trading volumes increased to more than $250 million in the last 24 hours, following a 100% price increase over the weekend in a rally that ended on Tuesday night.
Dogecoin trading volumes were $225 million during the same time period, while Shiba Inu volumes were much lower at $100 million.
According to CoinGecko data, the crypto exchange OKX saw over $76 million in Pepe token trading volumes, followed by $43 million at the decentralized exchange Uniswap.
The majority of these volumes could be produced by automated bots that buy and sell tokens in order to drive trading activity and provide liquidity to investors in exchange for a few dollars of profit.
As a result, a trade worth more than $100,000 can cause a 2% drop in Pepecoin prices on OKX, according to the data.
The same dip would necessitate an $800,000 trade for dogecoin on OKX due to its higher market capitalization and overall liquidity.
In the meantime, early Pepe buyers are profiting. One trader got a 40% slippage haircut on Monday to exit a Pepe position on Uniswap in one go, according to some Crypto Twitter traders.
A review of the wallet address showed that in just over two weeks, the trader had converted $1,800 in ether (ETH) into over $3 million in Pepe.
According to DEXTools data, sellers are routinely selling tokens worth one ether to more than seven ether as of Wednesday morning, adding to the selling anxiety.
According to the data, purchasing activity remains strong, with 6,500 buys compared to 3,300 sales in the previous 24 hours.
Additionally, Analysts have previously expressed concern about the behavior of investors who purchased relatively large amounts of pepe following its issuance on the Ethereum blockchain, converting about $1,200 of initial capital into more than $9 million in a matter of days, as CoinDesk earlier reported. In the last 24 hours, Pepe has dropped 18%.
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