- The meme token market has shrunk considerably from over $1 billion to $500 million.
- was the toughest hit after the launch of PEPE.
- SHIB’s every day buying and selling quantity has not exceeded $0.5 billion up to now ten weeks.
Meme tokens have been a scorching subject in crypto buying and selling, however the development appears to have misplaced momentum. In accordance 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 earnings and dumping the meme tokens.
#Meme tokens misplaced floor this week as merchants took earnings and every day buying and selling quantity halved from over $1 billion to round $500 million. pic.twitter.com/PLwbxHZodo
— Kaiko (@KaikoData) Could 12, 2023
A chart shared by Kaiko prompt that the most well-liked meme token, Dogecoin (DOGE), took the largest hit by way of every day buying and selling quantity. DOGE’s buying and selling quantity practically hit $1.5 billion from late March to early April. Nonetheless, it fell under $0.5 billion in the beginning of the month.
Nonetheless, 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 traders, (SHIB), alternatively, has maintained comparatively steady every day buying and selling quantity since February. SHIB’s every day buying and selling quantity has not exceeded $0.5 billion up to now 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.
Every day reminder that these memecoins flooding the market exist to counterpoint the founders. The “sturdy neighborhood” narrative is trash. Most of those memes are created by the identical group, pumping and dumping till it is not worthwhile.
— Benjamin Cowen (@intocryptovers) Could 9, 2023
Cowen dismissed the “sturdy 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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