Pepe (PEPE), a fun and exciting cryptocurrency project launched mid-April 2023 as a meme-inspired digital asset, has now risen to the most searched token on several crypto exchanges. According to the data from Nansen, Pepe ranked first across Nansen’s different subscription groups as the most searched token last week.
On CoinMarketCap, the new dog-coin rival whose name and logo are based on the beloved internet meme character “Pepe the Frog” is number five on the most recently visited tokens within 24 hours timeframe.
PEPE is number 5 on the most-viewed crypto on Coinmarketcap. Source @Coinmarketcap
Pepe’s growing transaction volume is another factor bolstering its acceptance. The new cryptocurrency initiative has surpassed its rival, Dogecoin (DOGE), regarding transaction volume. Compared to Dogecoin’s $304 million trading volume in 24 hours, Pepe has a $425 million transaction volume. The trade volume of the new meme coin has also eclipsed that of Shiba Inu (SHIB), which is currently at $127 million.
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Pepe Low Liquidity Issues
Since its launch in April this year, the value of PEPE has surged dramatically. Many people have made six-figure returns on investments with triple-digit returns. However, Investors cannot convert the same sum into fiat, and this is mainly caused by the project’s low liquidity. Furthermore, if many investors decided to sell their investments, the asset’s value would fall sharply.
However, more exchanges might be lining up to list the token, given the project’s high level of interest. An increase in listings can provide the enterprise with the needed liquidity. For instance, Shiba Inu (SHIB) went through a similar phase. However, because of the token’s popularity, exchanges felt compelled to include it.
Notably, the SHIB community actively organized campaigns to include the token on various platforms, including Robinhood. If the Pepe community wants to help address the project’s low liquidity, they must adopt these steps.