- The meme token market has shrunk considerably from over $1 billion. USD as much as 500 million
- Dogecoin suffered essentially the most after the launch of PEPE.
- SHIB’s day by day buying and selling quantity within the final ten weeks didn’t exceed 0.5 billion.
Meme tokens have been a sizzling subject in crypto buying and selling, however the pattern appears to have misplaced momentum. Based on market intelligence agency Kaiko, day by day buying and selling quantity for meme tokens has dropped considerably from greater than $1 billion to round $500 million.
The market intelligence agency famous that this 50% decline was as a consequence of merchants taking earnings and switching to meme tokens.
The chart shared by Kaiko reveals that the preferred meme token, Dogecoin (DOGE), suffered from intraday buying and selling quantity. DOGE buying and selling quantity from the tip of March to the start of April virtually reached 1.5 billion. However earlier this month, it fell under $0.5 billion.
Nonetheless, the DOGE hysteria appears to have solely been transferred to the newly launched meme coin PEPE. PEPE topped $1 billion in quantity earlier this month and at the moment has a 24-hour buying and selling quantity of $996,129,278, in line with market monitoring web site CoinMarketCap.
Alternatively, the introduction of PEPE right into a nook stopped the pursuits of DOGE traders, however Shiba Inu (SHIB) has maintained a reasonably secure day by day buying and selling quantity since February. SHIB’s day by day buying and selling quantity within the final ten weeks didn’t exceed 0.5 billion.
Benjamin Cowen, CEO of Into The Cryptoverse, just lately warned towards the proliferation of meme cash, claiming that they’re flooding the market to counterpoint their founders.
Cowen rejected the “robust group” narrative, arguing that the majority of those cash are created by the identical group that pumps and dumps them till they’re not worthwhile.
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