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.
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.
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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Source: Cryptocurrency - investing.com
