In a whirlwind of activity, trading volumes for the meme coin Pepe (PEPE) have surged to three times their value at the beginning of May, following a sudden 12% decline from its all-time high (ATH) on May 27.

At the onset of May, Pepe was exchanging hands at $0.000008834, accompanied by a trading volume of $783.17 million. Since then, its price has seen a remarkable 94% increase, reaching new ATHs before experiencing a subsequent 12% slide, settling at $0.0000147.

Despite the setback in price, Pepe's trading volume has experienced a staggering surge over the past 24 hours, skyrocketing to $2.47 billion, marking a remarkable 216% increase from the start of the month.

Some within the crypto trading community speculate that Pepe's movements could be dictating the broader direction of the meme coin market. A pseudonymous trader, Nebraskangooner, with a significant following, suggested on May 30 that Pepe's retracement could be influencing the broader meme coin market sentiment.

The impact of Pepe's price decline seems to have reverberated across the meme coin landscape, with both Dogecoin and Shiba Inu experiencing price declines of 6.41% and 8%, respectively, within the same three-day timeframe.

While Pepe's recent ATH may have injected optimism into the market, trader Michael Pizzino warns that failure to sustain these levels could signal potential turbulence ahead. He cautions that while Pepe is currently in a strong position in terms of price, any inability to establish new highs could spell trouble for the token's trajectory.

Interestingly, Pepe's recent decline has only served to heighten trader interest, with a notable 26.38% increase in activity over the past 24 hours. However, both Dogecoin and Shiba Inu witnessed declines in trading volumes, with decreases of 7.4% and 45%, respectively.

Since its inception in May 2023, Pepe has experienced exponential growth, with its price surging by an astonishing 25,955%. Even within the current year, it has demonstrated remarkable resilience, registering a notable surge of 1,042% since January 1.

Notably, recent reports have indicated that a whale holder of PEPE managed to capitalize on the token's surge, pocketing nearly $5 million in profit within a month, showcasing the lucrative opportunities presented by the token's volatility.