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Pepe crypto price has drifted downwards in the past few days even as the token’s volume remained at an elevated level. The token retreated to a low of $0.000002526, which was about 43% below the highest point this year.

Pepe has come from nowhere to become one of the most heavily-traded cryptocurrencies in the world. Data compiled by CoinMarketCap shows that Pepe was the top trending token in its ecosystem. It has outperformed other cryptocurrencies like Sui and Keke. 

Pepe worth over $875 million has been traded in the past 24 hours. Only Bitcoin and Ethereum have a bigger volume than Pepe. Bitcoin had a volume of $12 billion while Ethereum had $8 billion. This means that Pepe is having more volume than other meme coins like Dogecoin and Shiba Inu.

More than 55% of all Pepe is being traded in Binance, which listed the token last week. It handled Pepe valued at over $186 million in the past 24 hours. The others are in Uniswap and KuCoin.

In addition to Ethereum and Bitcoin, Pepe’s volume also trails that of stablecoins like Tether, USD Coin, and Binance USD.

Notably, the number of Pepe holders has also risen as investors consider it the next big thing in crypto. According to Etherscan, there are now over 108k Pepe holders, which is remarkable because other popular coins have fewer holders. Floki Inu, which has been around for years, has just 73k holders.  However, the chart shows that the rate of growth for Pepe holders has started to flatten recently.

Pepe chart by TradingView

Pepe price surged to a high of $0.000045 on May 5 after Binance listed the token. At its peak, the meme coin was up by over 2,600% from the lowest level on record. Pepe has now pulled back by over 40% from its peak. This is a dangerous move since it signals that it is moving into a distribution phase where speculators will start exiting their trades.

Positively, Pepe remains slightly above the 50-period and 25-period exponential moving averages (EMA). Therefore, a move below these two averages will validate that the bearish case. If this happens, the next key support to watch will be at $0.0000020, which is about 20% below the current level.

The post Pepe price crashes as volume dominates, holders hit 108k appeared first on Invezz.

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