- The meme token market has significantly declined from over $1B to $500M.
- Dogecoin took the worst hit hardest following the launch of PEPE.
- SHIB’s daily trading volume has not exceeded $0.5 billion in the last ten weeks.
Meme tokens have been a hot subject in crypto trading, but the trend seems to have lost momentum. According to market intelligence firm Kaiko, the daily trading volume for meme tokens has decreased significantly from over $1 billion to around $500 million.
The market intelligence firm noted that this 50% decline resulted from traders taking profits and moving on from meme tokens.
#Meme tokens have lost traction this week as traders took profit and daily trading volume halved from more than $1 billion to about $500 million. pic.twitter.com/PLwbxHZodo— Kaiko (@KaikoData) May 12, 2023
A graph shared by Kaiko suggested that the most popular meme token, Dogecoin (DOGE), took the worst hit in terms of daily trading volume. DOGE’s trading volume nearly reached $1.5 billion from late March to early April. However, it has fallen below $0.5 billion early this month.
However, it appears that the DOGE hysteria has only been passed to the newly launched meme coin, PEPE. Early this month, PEPE volume crossed $1 billion, and it currently has a 24-hours trading volume of $996,129,278, according to the market tracking website, CoinMarketCap.
While the launch of PEPE cornered the interests of investors from DOGE, Shiba Inu (SHIB), on the other hand, has maintained a relatively stable daily trading volume since February. SHIB’s daily trading volume has not exceeded $0.5 billion in the last ten weeks.
Recently, the CEO of Into The Cryptoverse, Benjamin Cowen, warned about the proliferation of meme coins, stating that they are flooding the market to enrich their founders.
Daily reminder that these memecoins that are flooding the market exist to make the founders rich.The “strong community” narrative is garbage.Most of these memes are created by the same group, just pumping and dumping until it no longer is profitable.— Benjamin Cowen (@intocryptoverse) May 9, 2023
Cowen dismissed the “strong community” narrative and claimed that most of these coins are created by the same group, who pump and dump them until they are no longer profitable.
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