Benzinga - Pepe Coin (CRYPTO: PEPE) has surged by 86% in the last 24 hours, outperforming top meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) .
What Happened: PEPE on Thursday tumbled 18%, but it has since regained momentum.
In the past 24 hours, the trading volume for Pepe Coin reached $670 million, making it the top meme coin by volume. In comparison, Dogecoin's trading volume stands at $252 million.
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Why It Matters: The popularity of Pepe the Frog NFTs and tokens has contributed to the success of the latest PEPE token in capturing the market’s attention.
The official Twitter account for Pepe Coin claims that it is the “most memeable memecoin in existence,” and jokes that the time of dog-themed meme coins is over.
As the hype for the meme token grows, some early investors have started selling their tokens.
One trader, who sold $2 million worth of tokens through MetaMask swaps, lost $350,000 due to a 25% slippage caused by minimal liquidity.
Another trader caused the PEPE token’s value to plummet by almost 50% when they cashed out $678,000 worth of tokens.
Price Action: At the time of writing, PEPE was trading at $0.0000021, according to Benzinga Pro.
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