© Reuters Meme Coin Market Crashes 50% Of $1 Billion After Merchants Take Profits
- The meme icon market has dropped dramatically from over $1 billion to $500 million.
- hardest hit after the launch of PEPE.
- SHIB’s daily turnover has not exceeded $0.5 billion in the past 10 weeks.
Meme tokens have been a hot topic in cryptocurrency trading, but the trend seems to be running out of steam. According to market intelligence firm Kaiko, the daily turnover of meme tokens has dropped dramatically from over $1 billion to around $500 million.
The market intelligence firm indicated that this 50% drop was caused by traders taking profits and moving away from the meme token.
The #Meme token lost its appeal this week as traders took profits and daily trading volume halved from over $1 billion to around $500 million. pic.twitter.com/PLwbxHZodo
– Kaiko (@KaikoData) May 12, 2023
The chart shared by Kaiko indicates that the most popular meme token, Dogecoin (DOGE), is the hardest hit in terms of daily trading volume. DOGE had nearly $1.5 billion in trading volume from late March to early April. However, it fell below $0.5 billion early this month.
However, the DOGE hysteria seems to have only been passed on to the newly launched meme currency, PEPE. Earlier this month, PEPE topped $1 billion in volume, and its 24-hour trading volume is currently $996,129,278, according to market tracking website CoinMarketCap.
While the launch of PEPE trapped the interests of investors from DOGE, (SHIB), on the other hand, has maintained a relatively stable daily trading volume since February. SHIB’s daily turnover has not exceeded $0.5 billion in the past 10 weeks.
Recently, the CEO of Into The Cryptoverse, Benjamin Quinn, warned about the proliferation of meme coins, stating that they are flooding the market to enrich their founders.
A daily reminder that these market-flooding memecoins are there to make the founders rich. The “strong society” narrative is nonsense. Most of these memes are generated by the same group, just pumped and dumped until they are no longer profitable.
– Benjamin Quinn (@intocryptoverse) May 9, 2023
Cowen rejected the “strong society” narrative and claimed that most of these currencies were created by the same group, who pump and dump them until they are no longer profitable.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
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