Following an abrupt decline of 12% from fresh all-time highs on May 27, the trading volume of meme coin Pepe is three times larger than the start of the month.

Pepe’s Market Performance and Trader Reactions

Pepe’s trading volume on May 5 was $783.17 million, and its price was $0.0000088. Since then, the price has gained 94% to reach all-time highs on May 27, but it has since dropped and is currently trading at $0.0000147.

Pepe’s trading volume, however, peaked at $2.47 billion during the preceding 24 hours—a 216% increase from the beginning of the month.

Although some cryptocurrency traders believe Pepe is guiding the future of the entire meme coin market, others are skeptical about its abrupt decline following its highest highs on May 27.

“Pepe is pulling back; hence, the whole meme coin market is also pulling back. Currently, Pepe holds the top position in the meme market,” as reported by the pseudonymous crypto trader Nebraskangooner to his 345,700 followers on May 30.

The two biggest meme currencies by market capitalization, Dogecoin and Shiba Inu, both experienced price drops in the same three-day period that Pepe’s price did.

According to CoinMarketCap statistics, Shiba Inu dropped by 8% to $0.00002608 and Dogecoin dropped 6.41% to $0.1604.

But if Pepe’s fleeting all-time high falls short of sustaining those levels once more, crypto trader Michael Pizzino sees a danger sign.

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Pizzino said in a May 30 X post: “Pepe is technically in the strongest position in terms of price; but, look out if the next rally fails to print a new high.”

While Pepe’s dip has only resulted in increased trader interest over the previous 24 hours, a 26.38% rise, Dogecoin saw trading volumes drop by 7.4% and 45%, respectively.

Launched in May 2023, PEPE has seen a notable price increase—25,955%. Since January 1, only this year alone has it increased 1,042%.

Still, traders have profited from many moments of notable volatility during the year.

A PEPE whale investor reportedly made around $5 million on the Pepe token in less than a month, riding on the most recent surge.