A trader reportedly experienced a 50% slippage when exiting their Pepecoin position
Pepe token (PEPE), which is a new memecoin, has gained more trading volume than dogecoin (DOGE) and shiba inu (SHIB), the two biggest memecoins by trading volume. This is due to intense trading activity.
In the past 24 hours, Pepe’s trading volumes increased to over $250 million due to a price surge of 100% over the weekend, which then decreased on Tuesday night. In comparison, Dogecoin had trading volumes of $225 million, while Shiba Inu had lower trading volumes of $100 million.
According to CoinGecko data, the OKX crypto exchange had over $76 million in pepe token trading volumes, and the decentralized exchange Uniswap had $43 million.
Many of the high trading volumes for pepe tokens may come from automated bots. These bots continuously buy and sell tokens to create trading activity and provide liquidity to investors in exchange for small profits.
If a person trades more than $100,000 of Pepe on OKX exchange, the price of Pepe can fall by 2%. This is because automated bots generate most of the trading volumes, and they trade frequently to make small profits. In comparison, for Dogecoin on OKX exchange, a trade of $800,000 is required to cause a similar dip in prices due to higher market capitalization. Early buyers of Pepe are selling and making profits.
Pepe is down 18% over the past 24 hours