Pepecoin Overtakes Dogecoin, Shiba Inu Trading Volumes as Early Buyers Take Profits

One trader infamously took on a 50% slippage for getting out of their pepe position.

AccessTimeIconMay 3, 2023 at 7:06 a.m. UTC
Updated May 3, 2023 at 5:34 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 meme coins by trading volume.

Pepe trading volume 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 volume on dogecoin stood at $225 million, while shiba inu volume were $100 million.

Data from CoinGecko shows crypto exchange OKX had over $76 million in trading volume for pepe tokens, followed by $43 million at the decentralized exchange Uniswap.

A bulk of the volume 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 the pepe price 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.

Early pepe buyers are taking profits, meanwhile.

On Monday one trader took a 40% slippage haircut to exit a pepe position on Uniswap in one go, as some Crypto Twitter traders observed. An analysis of the wallet address showed the trader had turned an ether (ETH) – valued at $1,800 at the time – to over $3 million worth of pepe in just over two weeks.

DEXTools data shows sellers are routinely selling from one ether to over 7 ether worth of the tokens as of Wednesday morning, contributing to selling pressure. However, buying activity remains strong – with 6,500 buys compared to 3,300 sells in the past 24 hours, the data shows.

Meanwhile, analysts previously raised concerns about the behavior of investors who bought relatively large amounts of pepe after its issuance on the Ethereum blockchain, turning about $1,200 of initial capital into over $9 million in just a few days, as CoinDesk previously reported.

Pepe is down 18% over the past 24 hours.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.