PEPE 2.0 has experienced a significant increase in volume, growing by 1,261% since its launch in the memecoin market. Despite losing some momentum, it has surpassed Shiba Inu's daily volume and is now the top memecoin by daily volume, showing potential as a major memecoin. However, there is a risk that it may lose popularity quickly like other new memecoins. Supporters of PEPE 2.0 are advocating for it to be listed on major exchanges, but it remains to be seen if it will have the same fate as its predecessor.