The trading volume of the popular memecoin PEPE is currently three times higher than at the beginning of May, after the coin suddenly fell 12% from its all-time high.

On May 5, PEPE was trading at $0.000008834 with a volume of $783 million. The price then rose by 94% to reach a new all-time high on May 27. Since then it fell again and now the project is trading at $0.0000147.

Trading volume of $2.47 billion

Traders are apparently enjoying PEPE’s volatility, as trading volume over the past 24 hours for the coin has risen to $2.47 billion. An increase of 216% compared to the beginning of the month.

While some analysts believe that PEPE is setting the course for the entire memecoin market, others remain skeptical about the coin’s sudden price drop from its all-time high on May 27.

“PEPE is falling and the rest of the memecoin market is following suit. PEPE is now the meme leader,” pseudonymous Nebraskangooner analyst said on Twitter.

According to popular analyst Michael Pizzino, PEPE’s rapid decline after reaching all-time highs on May 27 is mainly a warning and we should pay close attention in the coming days.

Drop in PEPE price is a warning for the market

The fact that PEPE failed to maintain its all-time high of May 27 for long is a warning signal for the market, according to Pizzino.

“PEPE is technically in the strongest position in terms of price, BUT if the next rally fails to make a new all-time high, then you need to be careful,” the analyst said.

Notably, trading volumes on PEPE increased by 26.83% over the past 24 hours, while Dogecoin and Shiba Inu saw their volumes decline by 7.4% and 45% respectively.

Since its launch in May 2023, PEPE has managed to increase dramatically in price. From that moment on, the memecoin has risen by 25,955%. This year alone, PEPE has also increased by 1,042%.

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