With enthusiastic trading activity, the newly launched Pepe Token (PEPE) gained higher trading volume than Dogecoin (DOGE) and Shiba Inu (SHIB).
Pepe’s trading volume surged to more than $250 million in the past 24 hours amid a 100% weekend price surge that reversed Tuesday night. Dogecoin traded $225 million during the same period, while Shiba Inu traded well below $100 million.
Data from CoinGecko On show crypto exchange OKX, pepe token trading volume surpassed $76 million, followed by decentralized exchange Uniswap with $43 million.
A large portion of these volumes could be generated by automated bots that continuously buy and sell tokens to generate trading activity and provide liquidity that yields a few dollars to investors.
As such, the data shows that a transaction above $100,000 could drop Pepe price on OKX by 2%. By comparison, the same drop would require him to trade $800,000 due to OKX’s higher Dogecoin market cap and overall liquidity.
Meanwhile, early Pepe buyers are profitable.
On Monday, one trader took a 40% slippage haircut and gave up his Pepe position on Uniswap once and for all. observed by the traderAn analysis of the wallet address shows that the trader turned Ether (ETH), which at the time was worth $1,800, into more than $3 million in Pepe in just two weeks.
DEXTools data As of Wednesday morning, sellers are regularly selling tokens worth between 1 and 7 ethers or more, indicating they are contributing to the selling pressure. However, buying activity remains strong with 6,500 purchases compared to his 3,300 sales in the last 24 hours.
Meanwhile, as CoinDesk previously reported, analysts had previously expressed concern about the behavior of investors who bought relatively large amounts of Pepe after it was issued on the Ethereum blockchain, with an initial capital of around $1,200. surpassed $9 million in just a few days.
Pepe is down 18% in the last 24 hours.