PEPE, a meme coin, has been attracting significant attention from investors and has surpassed XRP in terms of 24-hour trading volume. This achievement is noteworthy as XRP is also experiencing a surge in trading activity. PEPE currently ranks eighth on the list of all assets with the highest 24-hour volume and fourth with the exclusion of stablecoins. Most of PEPE's volume comes from Binance, where it now has the third-largest trading volume. Despite a decline in the past 24 hours, PEPE is still up 120% in the past week.

Pepe coin is a new cryptocurrency that is based on the popular Pepe the Frog meme. It has already made some investors millionaires and has seen a 20x return in recent days. Pepe coin combines blockchain technology with internet culture to offer a unique digital currency experience. Pepe holders will eventually gain access to crypto utilities such as Pepe merch, Pepe Academy, and Pepe Tools. However, investors should be aware of the risks associated with investing in cryptocurrencies and conduct their own research before making any investment decisions.

Sandeep Nailwal, co-founder of Polygon, expressed disappointment over the lack of high-quality applications built on the blockchain space. He criticized the constant demand for memecoins, stating that it is not a good sign for the industry in the eyes of investors and regulators. Nailwal acknowledged the power of layer blockchains Bitcoin and Ethereum but expressed bearishness about the development space in blockchain, as there are no real high-quality applications in the blockchain space that can handle 50 to 100 million users. This comes in the context of expanding the web 3.0 further into the mainstream world.

On-chain analyst LookOnChain has identified prominent cryptocurrency investors, known as "whales," who were early adopters of meme coins such as Shiba Inu and PEPE. LookOnChain has highlighted three SmartMoney wallet addresses that invested early before the bull run. These whales are believed to have a good understanding of the market and make efficient investment decisions. Meanwhile, the price of PEPE has declined after making significant waves in the crypto industry over the past week.

Validators running the Ethereum network saw a surge in profits from MEV-Boost payments over the past weekend due to the craze around meme coin PEPE. The total revenue, including transaction fees, nearly matched what validators made during the trading frenzy that accompanied the collapse of Sam Bankman-Fried’s FTX crypto exchange.

Pepecoin (PEPE), a meme coin that recently entered the top 100 cryptocurrencies by market cap, has fallen by nearly 11% as of May 9, following a week of impressive gains of 215%. The rally was helped along after Binance listed PEPE in its Innovation Zone, which is meant to host hyper-volatile cryptocurrencies. Meanwhile, Sui network's native SUI token also dropped 11% overnight due to selling pressure, as the token saw massive gains for around 96,000 community members who purchased 1,500 SUI tokens for $45. However, analysts have raised concerns about tokens allocated to market makers and investors, with market makers allocated 75% of the token's initial circulating supply and around 44% of the total supply allocated toward the team, investors, and early contributors.

Trading volume in meme coins has surged, reminiscent of frenzied activity observed ahead of previous bitcoin market tops. The crypto market saw $2.3 billion in meme coin trading volume last week, a six-fold rise from the preceding week's $387 million, and the highest since May 2021. The speculative mania was led by pepecoin, a frog-themed token that crossed $1 billion in market capitalization on Friday, eventually peaking at $1.82 billion. Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, the leading cryptocurrency by market value.

The recent surge in meme coins has undoubtedly created a frenzy in the cryptocurrency market.

New memecoin Pepe (PEPE) has experienced a significant price drop of more than 42% from its all-time high, leaving one investor with paper losses of over $600,000. Despite the decline, Pepe still holds a market capitalization of just over $1 billion and has witnessed over $636 million in trading volume within the last 24 hours. The number of individual holders has also increased steadily over the past three weeks, with 144,534 holders at the time of publication. Memecoins have played a role in the cryptocurrency industry since the creation of Dogecoin in 2013. However, investment in memecoins can be an incredibly risky trading strategy due to the inherent lack of any fundamentals.

Pepecoin (PEPE) has seen a significant drop of nearly 45% after hitting a peak of $0.00000431 on Friday with a market capitalization of $1.8 billion. This drop is likely due to traders taking profits on their positions or using advanced trading strategies following the introduction of pepe-tracked futures. These profits are likely being converted into ether (ETH), which has hit an all-time high in deposits to exchanges since November 2021. On-chain analytics firm Santiment believes that the increasing number of ether deposits could be stemming from traders taking profits on their pepe positions. While some traders have made significant profits from investing in pepe coins shortly after their issuance, analysts have raised concerns about the behavior of investors who bought large amounts of PEPE after its issuance, which could pose a risk to the short-term future of the meme coin.