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Pepe [PEPE] hits ATH, surpasses Dogecoin’s volume; Is $1bln market cap on the horizon?

3min Read

Despite a series of corrections, the new meme on the block PEPE proved that the meme coin season may be far from over.

Pepe [PEPE] hits ATH, surpasses Dogecoin’s volume; Is $1bln market cap on the horizon?

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  • PEPE printed a new ATH, leaving Dogecoin’s trading volume trailing.
  • Although profit-taking was set in motion, whale activity could impact the market cap rise.

The trading volume of Pepe [PEPE], the frog-inspired meme cryptocurrency, increased by 220%, outpacing that of Dogecoin [DOGE] in the last 24 hours. According to Santiment, PEPE’s volume exceeded $714 million while DOGE could only account for a little over $251 million.


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This meant that the number of transactions where participants used PEPE was much more than that of DOGE. Invariably, the cryptocurrency also reached an All-Time High (ATH) amid growing interest and bullish sentiment.

PEPE trading volume, price and Dogecoin trading volume

Source: Santiment

Soaring in the swamps

At the time of writing, PEPE gained over 80% while exchanging hands at $0.0000021. The token, which emerged on the Arbitrum [ARB] network gained traction among crypto enthusiasts since its price spurred a 2900% increase over the few weeks since its release. 

Although the growth of the cryptocurrency hasn’t been linear, there has been speculation that its market capitalization could hit $1 billion soon. One reason for this perception was the way several whales considered the token worthy of an investment. 

In fact, this group, who were early buyers, formed part of the reason why the meme crossed Shiba Inu’s [SHIB] trading volume at one point. And when there were corrections, whales bought the dip in a bid to accelerate the growth. 

Besides PEPE, many other memes have popped up. But none seems to have the hype like this token, which has gotten a number of exchange listings. And according to Lookonchain, a particular whale exchanged almost all their assets for PEPE.

A close examination of the whale portfolio showed that the amount of PEPE held by the address was worth about $3.4 million. This was far above second-placed Ethereum [ETH] in the portfolio, whose total worth was just $4,240. 

Traders are alive as the journey could be set

At press time, PEPE’s market cap was $868.41 million. The metric is derived from the multiplication of the circulating supply and the price of an asset. Therefore, the increase implied that PEPE’s circulation evidently remained visible.

It is noteworthy to also mention that most of the volume came from Decentralized Exchanges (DEXes), majorly Uniswap [UNI]. Activities concerning the token on centralized exchanges were extremely low. And even though the number of buyers outshone sellers, the latter’s volume was closing in on the former.


Read Pepe’s [PEPE] Price Prediction 2023-2024


According to DEX Screener, the buy volume was $65.7 million while the sell volume was $60.3 million in the last 24 hours. A situation like this means that investors were actively involved in profit-taking since the ATH.

PEPE price volatility and exchange inflow

Source: Santiment

PEPE’s price action has been marred with extreme volatility as shown above. However, the current selling pressure might not be confirmation of a decline in market capitalization. With an increasing number of exchange listings, coupled with subsequent buying, it could only be a matter of time before it hits the $1 billion mark.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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