- The meme token market has shrunk considerably from over $1 billion to $500 million.
- Dogecoin was the toughest hit after the launch of PEPE.
- SHIB’s every day buying and selling quantity has not exceeded $0.5 billion previously ten weeks.
Meme tokens have been a scorching matter in crypto buying and selling, however the development appears to have misplaced momentum. In line with market data agency Kaiko, the every day buying and selling quantity of meme tokens has dropped considerably from over $1 billion to round $500 million.
The market data agency famous that this 50% drop was the results of merchants taking income and dumping the meme tokens.
A chart shared by Kaiko steered that the most well-liked meme token, Dogecoin (DOGE), took the most important hit when it comes to every day buying and selling quantity. DOGE’s buying and selling quantity almost hit $1.5 billion from late March to early April. Nevertheless, it fell beneath $0.5 billion initially of the month.
Nevertheless, evidently the DOGE hysteria was solely handed on to the newly launched meme piece, PEPE. Earlier this month, PEPE’s quantity topped $1 billion, and it at the moment has a 24-hour buying and selling quantity of $996,129,278, in response to market-tracking web site CoinMarketCap.
Whereas the launch of PEPE has captured the curiosity of DOGE buyers, Shiba Inu (SHIB), then again, has maintained comparatively secure every day buying and selling quantity since February. SHIB’s every day buying and selling quantity has not exceeded $0.5 billion previously ten weeks.
Lately, Into The Cryptoverse CEO Benjamin Cowen warned of the proliferation of meme cash, stating that they’re flooding the market to counterpoint their founders.
Cowen dismissed the “robust neighborhood” narrative and claimed that the majority of those cash are created by the identical group, who pump and dump them till they’re not worthwhile.
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