Even though the price of PEPE has recently decreased, crypto whales are still gathering the cryptocurrency with high trading volumes exceeding Dogecoin (DOGE) and Shiba Inu (SHIB) for over one week.
Still in the Spotlight
PEPE, one of the best performers in the cryptocurrency market in the last few weeks, saw a 26% decrease in its price within the past week along with a significant decline in market capitalization. But, crypto whales are undeterred and have purchased a large amount of the cryptocurrency. One user has spent $2.1M worth of ETH to buy 1.33T PEPE, while another investor swapped 397,182 APE for over 748M PEPE recently. PEPE has also been the memecoin with the highest daily trading volume for over a week, with a 24h volume surpassing $350M while DOGE is in the second position with $214M.
— borovik.eth (@3orovik) May 15, 2023
PEPE’s Turbulent First Month
PEPE gained massive attention after its launch in mid-April, with its price charting all-time highs almost every day. Some savvy investors became millionaires overnight with one turning his $27 investment into $1 million in just a few days. Even well-known figures like American rapper DeAndre Cortez Way (known as Soulja Boy) joined PEPE’s ecosystem, claiming he “done got rich off PEPE.” The asset became so popular that even well-known crypto exchanges like OKX, BitMEX, and Binance listed the token. Some traders sold NFTs of the Bored Ape Yacht Collection (BAYC) below floor price to invest in the memecoin. Nevertheless, after peaking on May 5, PEPE’s price and market capitalization dropped, raising doubts about the sustainability of the hype and speculative investments. However, high trading volumes, ongoing activity from whales, and the USD increase during the weekend could indicate otherwise. After less than a month, PEPE joined the top 45 largest crypto assets (currently standing in 63rd place) and surpassed well-known tokens like SAND, AXS, XTZ, MANA, STX, and more at one point.