PEPE Skyrockets 300% in Volume Amid Epic Surge to New ATH

Cover image via U.Today

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.

As 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.