This week, $PEPE witnessed a significant spike in trading volume, surpassing that of other leading memecoins like DOGE, SHIB, and WIF.
In just 24 hours, $PEPE racked up nearly $1 billion in volume, a figure greater than the combined volume of the other top memecoins. For those paying attention to the numbers, $PEPE hit $984 million, while DOGE, SHIB, and WIF combined managed $983 million.
$PEPE has done ~$1B in 24 hour volume, more than DOGE, SHIB, and WIF COMBINED.
For the math nerds, $984M for PEPE, and $983M for all others combined…
HIGHER. 🐸💚🆙🔊 pic.twitter.com/Gi6azA5RUO
— belowthefold – l3eerad 🐸 (@belowthefold1) September 10, 2024
On-chain activity provided further insight into this surge. An address identified as 0x780…192e6 withdrew a staggering 683.9 billion $PEPE tokens from Binance just four hours ago. Valued at approximately $4.95 million, the withdrawal occurred when $PEPE was trading at $0.00000724.
地址 0x780…192e6 四小时前从 #Binance 提出 6839 亿枚 $PEPE ，价值 495 万美金，价格 $0.00000724
随后该地址将代币分发至四个地址，接收地址暂未转移或卖出；好久没看到有巨鲸囤积 PEPE 了🐸
钱包地址 https://t.co/tvPY4xnIQM pic.twitter.com/3JkIlfUlVr
— Ai 姨 (@ai_9684xtpa) September 12, 2024
Is $PEPE On The Verge Of Major Price Movement?
Interestingly, instead of consolidating the tokens, the address distributed the massive sum to four separate wallets. As of now, none of these receiving addresses have transferred or sold the tokens, leaving many to speculate on the intentions behind this move.
The sudden surge in volume, coupled with these large on-chain transfers, has raised eyebrows in the crypto community. Some are wondering if $PEPE is on the verge of a major price movement, as large-scale token redistributions often signal a potential shift in the market. With the receiving wallets still holding onto their tokens, traders and analysts alike are closely watching for the next move.
This rapid rise in $PEPE’s activity highlights the continued volatility and unpredictability of the memecoin space, where sudden volume spikes can lead to unexpected price swings. Whether this surge marks a new trend for $PEPE or a temporary blip remains to be seen.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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