The meme-inspired cryptocurrency Pepe Coin ($PEPE) has seen its trading frenzy fail to rival those of rival memecoins Shiba Inu ($SHIB) and Dogecoin ($DOGE), according to an analysis conducted by popular crypto analytics firm Santiment.
According to the firm, PEPE’s trading frenzy saw its daily trading volume reach $2 billion. The figure, when held up against the stratospheric trading volumes registered by SHIB and DOGE during their respective peak periods – $40 billion and $70 billion – pales in comparison
Notably, Santiment also pointed out that retail investors have been conspicuously absent from the Pepe rally, a stark contrast to the frenzies generated by Dogecoin and Shiba Inu.
The firm added that while PEPE can’t match the trading volume and liquidity of both DOGE and SHIB, it shares a similar level of discourse within the cryptocurrency community during their respective high points.
However, PEPE’s exposure in conventional media platforms remains significantly low. While Dogecoin garnered nationwide television attention, the conversations surrounding PEPE have predominantly stayed within the boundaries of cryptocurrency-focused social media, such as Twitter.
As CryptoGlobe reported, when it listed the meme-inspired cryptocurrency, leading exchange Binance cautioned potential investors that PEPE lacks any inherent utility or value support mechanism. PEPE has been accused of potential insider trading, as 7% of the total token supply was reportedly purchased by insiders or team members minutes after the token generation event.
Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
Featured Image via Unsplash
Source: Read Full Article