When one seller sold their pepe stock, they lost 50% of their money.
Dogecoin (DOGE) and shiba inu (SHIB), the two biggest memecoins by trading volume, have been overtaken by the newly-launched pepe token (PEPE), which has seen a lot of trading action.
In the last 24 hours, the amount of money traded in Pepe has gone up to more than $250 million. This is because the price of Pepe went up 100% over the weekend in a rise that finished on Tuesday night. During the same time frame, $225 million worth of dogecoin was traded, but only $100 million worth of shiba inu.
Pepe’s trading activity
Based on CoinGecko, more than $76 million worth of pepe tokens were traded on the crypto market OKX. This was followed by $43 million at the decentralized exchange Uniswap.
Dogecoin (DOGE) and shiba inu (SHIB), the two biggest memecoins by trading volume, have been overtaken by the newly-launched pepe token (PEPE), which has seen a lot of trading action.
In the last 24 hours, the amount of money traded in Pepe has gone up to more than $250 million. This is because the price of Pepe went up 100% over the weekend in a rise that finished on Tuesday night. During the same time frame, $225 million worth of dogecoin was traded, but only $100 million worth of shiba inu.
In statistics from CoinGecko, it is shown that more than $76 million worth of pepe tokens were traded on the crypto market OKX. This was followed by $43 million at the decentralized exchange Uniswap.
Most of these numbers may be caused by automated bots that buy and sell tokens to make trading happen and give buyers liquidity in exchange for a few dollars of profit.
Based on the data, a deal worth more than $100,000 could cause pepe prices on OKX to drop by 2%. On OKX, the same dip would take a trade of $800,000 for dogecoin due to its bigger market capitalization and total liquidity.
Meanwhile, people who bought pepe early are making money.
Other Crypto Twitter traders say that on Monday, one trader took a 40% slippage hit to get out of a pepe account on Uniswap all at once. When the wallet address was looked at, it was clear that the user had turned $1,800 worth of ether (ETH) into almost $3 million worth of pepe in just over two weeks.
As of Wednesday morning, DEXTools data shows that sellers are regularly selling tokens worth one ether to more than seven ether. This adds to the pressure to sell. But there is still a lot of buying going on. In the last 24 hours, there were 6,500 buys compared to 3,300 sales.
Analysts have also been worried about the behavior of investors who bought a lot of pepe after it was released on the Ethereum blockchain and turned their initial investment of about $1,200 into more than $9 million in just a few days, as CoinDesk reported.
In the last 24 hours, Pepe has lost 18% of its value.
Content Source: decrypt.co
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