Frenzied trading activity has pushed the newly-launched pepe token ($PEPE) to garner trading volumes higher than those of dogecoin ($DOGE) and shiba inu ($SHIB) – which are otherwise the biggest memecoins by these metrics. By shauryamalwa.
Frenzied trading activity has pushed the newly-launched pepe token to garner trading volumes higher than those of dogecoin and shiba inu – which are otherwise the biggest memecoins by trading volumes.
Pepe trading volumes surged to over $250 million in the past 24 hours amid a 100% price spike over the weekend in a rally that reversed on Tuesday night. Over the same period, trading volumes on dogecoin stood at $225 million, while shiba inu volumes were a much lesser $100 million.show crypto exchange OKX saw over $76 million in trading volumes for pepe tokens, followed by $43 million at the decentralized exchange Uniswap.
A bulk of these volumes may be generated by automated bots, which continually buy and sell tokens to generate trading activity and provide liquidity to investors in turn for a few dollars of profits. As such, a trade of more than $100,000 can cause a 2% dip in pepe prices on OKX, the data shows. In comparison, the same dip would take a trade of $800,000 for dogecoin on OKX, owing to its higher market capitalization and overall liquidity.Monday saw one trader take a 40% slippage haircut to exit a pepe position on Uniswap in one go, as some Crypto Twitter
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