The crypto market saw $2.3 billion in memecoin trading volume last week, the highest since May 2021. Reports godbole17.
Trading volume in meme coins, or cryptocurrencies originating from internet memes and having no inherent utility, surged last week in a move reminiscent of frenzied activity observed ahead of previous bitcoin market tops.
The crypto market saw $2.3 billion in meme coin trading volume last week – a six-fold rise from the preceding week's $387 million to the highest since May 2021,The speculative mania was led by pepecoin , a frog-themed token launched in mid-April with a maximum supply of 420 trillion. PEPE$1 billion in market capitalization on Friday, eventually peaking at $1.82 billion, a staggering achievement for a three-week-old meme cryptocurrency.
The PEPE frenzy also spurred speculation in other low-cap tokens like DINO, WSB, CHAD and 4TOKEN, which rose by several hundred percent in the past two weeks. Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, the leading cryptocurrency by market value.Bitcoin traded near $27,970 at press time, representing a 2% drop on the day, despite the weakness in the dollar index . Bitcoin usually movesof the dollar index, which gauges the greenback's exchange rate against major currencies, including the euro.
The DXY saw a brief bounce to 101.75 on Friday following the release of surprisingly strong U.S. jobs data, but since then has fallen back to under 101.20.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PEPE Copycat Jumps 1,056%, Here's Possible ReasonKEK is new meme coin designed as PEPE lookalike; it is leading meme coin rally today
Read more »
'First Meme Coin on L2 Will Shift This Equilibrium,' Ethereum (ETH) Veteran Comments on New Hype'First meme coin that blows up' will boost L2s adoption, Synthetix $SNX founder kaiynne opines memecoin $PEPE $FLOKI $SHIB $DOGE
Read more »
$120 Million Liquidations Hit Crypto Market as Meme Coin Madness Calms DownMeme coins cannot hold the crypto market forever, as liquidations hit investors again
Read more »
First Mover Americas: Meme Coin PEPE Surges to $1B Market CapPepecoin, the new token based on the “Pepe the frog” meme, has reached a $1 billion market capitalization. The $PEPE rally has spurred increased trading activity in other meme tokens on decentralized exchanges, according to data from IntoTheBlock.
Read more »
PEPE May Allow Sniping Really Good Quality Blue Chip NFT: David GokhshteinPeople flooring their NFTs to get into $PEPE: DavidGokhshtein
Read more »
Investing in Meme Coins? 3 Things Every Crypto Trader Should KnowThe popularity of the $PEPE token and other meme coins are on the rise. But before you jump in, it's important to be aware of the risks involved. Here are 3️⃣ things every crypto trader should know before investing in meme coins:
Read more »