Frenzied trading activity has propelled the newly-launched pepe token (PEPE) over the trading volumes of dogecoin (DOGE) and shiba inu (SHIB), the two largest memecoins by trading volume.
Pepe trade volumes increased to more over $250 million in the last 24 hours, after a 100% price increase over the weekend in a rally that ended on Tuesday night. During the same time period, dogecoin trading volumes were $225 million, while shiba inu volumes were much lower at $100 million.
According to CoinGecko data, the crypto market OKX witnessed over $76 million in pepe token trading volumes, followed by $43 million at the decentralized exchange Uniswap.
The majority of these volumes might be created by automated bots that purchase and sell tokens in order to generate trading activity and give liquidity to investors in exchange for a few dollars of profit.
As a result, a deal worth more over $100,000 might trigger a 2% drop in pepe prices on OKX, according to the statistics. Due to its higher market capitalization and overall liquidity, the same dip would require a trade of $800,000 for dogecoin on OKX.
According to other Crypto Twitter traders, one trader took a 40% slippage haircut on Monday to exit a pepe position on Uniswap in one go. An examination of the wallet address revealed that the trader had converted $1,800 in ether (ETH) into nearly $3 million in pepe in little over two weeks.
According to DEXTools statistics, dealers are consistently selling tokens worth one ether to more than seven ether as of Wednesday morning, adding to the selling pressure. However, buying activity remains strong, with 6,500 buys compared to 3,300 sells in the previous 24 hours, according to the data.
Meanwhile, analysts have previously expressed concern about the behavior of investors who purchased relatively large amounts of pepe following its issuance on the Ethereum blockchain, turning about $1,200 of initial capital into more than $9 million in just a few days, as CoinDesk previously reported.