Memecoin PEPE Dominates Crypto Trading Volume, Outpacing XRP and BNB
In recent news, the cryptocurrency world has witnessed an interesting shift in the trading volumes of various digital assets. The meme-inspired token PEPE has recently surpassed the trading volume of other major cryptocurrencies with higher market capitalizations.
According to reports, the 24-hour trading volume of PEPE reached an astonishing $2.37 billion, which is three times higher than the $710 million recorded by XRP on the same day and $540 million of BNB. This has propelled PEPE to third place in terms of the largest trading volume in 24 hours. Despite a slight drop in trading volume since then, PEPE continues to outpace the trading volumes of major coins, including XRP, as of the time of writing, with a 24-hour trading volume of nearly $1 billion, while XRP’s volume is $928 million.
If you remove the stables $PEPE is still #3 in daily volume at 2.37 billion behind #Bitcoin and #Ethereum $XRP is #4 with .71 billion pic.twitter.com/DSLqwbhFtG
— Big Dawg (@thecryptodawg) May 7, 2023
It’s worth noting that most of PEPE’s trading volume is sourced from Binance, the exchange that recently announced its plan to list meme coins in its Innovation Zone on May 5th.
However, it’s important to note that the overwhelming trading volume of PEPE over XRP is not due to declining interest in XRP but rather due to the dominant interest in PEPE. It’s also important to highlight that PEPE’s high trading volume is partly attributed to its meme-inspired status, which has proven to be a powerful marketing tool for some cryptocurrencies.
The rise of meme-inspired cryptocurrencies is not entirely new in the crypto space, but it’s gaining momentum in recent times. The popularity of meme coins like Dogecoin and Shiba Inu has opened up a new avenue for investors to engage with digital assets in a fun and less-serious way. The growing interest in meme coins like PEPE may be a sign of a new era in cryptocurrency trading, where investors are not just looking for financial gains but also seeking to be part of a community and culture.
In conclusion, the surge in trading volume of PEPE is a clear indication of the growing interest in meme-inspired cryptocurrencies. While it’s essential to exercise caution and do thorough research before investing in any digital asset, the emergence of meme coins has added a new layer of excitement to the crypto world, and it will be interesting to see how this trend evolves in the future.
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