After recent highs, memecoin PEPE catches up with Bitcoin and Ethereum in trading volumes

The broader cryptocurrency market saw a significant increase following Ethereum’s bullish rally this week. One of the markets that benefited most from the rally was memecoins, especially Pepe (PEPE) which saw its price explode in recent days, being one of the main beneficiaries in the market.

Given this scenario, PEPE memecoin trading volumes increased by 85%, reaching maximum levels and pushing the token to reach a new all-time high in its price. In the short term, memecoin’s recent activity has lagged the trading volumes of the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), according to data from the CryptoCompare platform.

The survey revealed that trading in the PEPE cryptocurrency reached a peak above US$4.45 billion in just 24 hours. It is worth noting that the token reached its second historical record in a period of less than 10 days.

At the time of publication, the PEPE price was quoted at US$0.00001281 with an increase of 4.2 in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$2,703,753,050. In its weekly development, PEPE showed a 19.1% increase in its price in the last seven days.

It is worth remembering that analysts on the Santiment platform noted that the news about Ethereum ETFs triggered impressive rises in the market, with the biggest beneficiaries being: Ethereum, Uniswap (UNI), Pepe (PEPE), Bonk (BONK), Lido DAO (LDO). “The hype surrounding Ethereum’s first ETF spot was a catalyst for one of the top 5 crypto days of 2024. $ETH, $UNI, $PEPE, $BONK, and $LDO are all up +20% in 24 hours. Bitcoin jumping to $71,400 for the first time in 6 weeks is almost an afterthought.”

The price of Ethereum (ETH) has soared in recent days amid expectations of exchange-traded funds (ETFs) being approved by the U.S. Securities and Exchange Commission (SEC) this week. The SEC is expected to approve Ethereum ETFs tomorrow, May 23rd.

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