According to a report by Santiment, retail traders were not heavily involved in the rise of Pepecoin's market cap to $1.5 billion, despite the token's high daily volumes and numerous copycats. Santiment compared Pepecoin's liquidity and trading metrics to those of Shiba Inu (SHIB) and Dogecoin (DOGE) and found that Pepecoin had a comparatively lower trading volume of $2 billion.

However, this could be due to the bear market conditions in which Pepecoin achieved such volumes, leaving room for future growth. Despite the lower retail participation, Pepecoin's social volume on social media is on par with DOGE and SHIB during their peak periods.

Pepecoin holders remain bullish on the token's potential, citing its popularity among influential Crypto Twitter users and the rapid listing on crypto exchanges.