Meme tokens have been a hot issue in cryptocurrency trading, but the trend looks to have lost steam. According to market monitoring firm Kaiko, the daily buying and selling volume for meme tokens has dropped significantly from over $1 billion to around $500 million. According to the market intelligence firm, the 50% drop was caused by merchants receiving income and moving on from meme tokens.
According to a graph released by Kaiko, the most popular meme token, Dogecoin (DOGE), has taken the biggest impact in terms of daily buying and selling volume. From late March to early April, DOGE’s purchasing and selling volume nearly hit $1.5 billion. Nonetheless, it fell below $0.5 billion earlier this month.
Nonetheless, it appears that the DOGE frenzy has been passed entirely to the newly minted meme currency, PEPE. According to the market tracking website CoinMarketCap, the PEPE quantity exceeded $1 billion earlier this month, and it now has a 24-hour trading quantity of $996,129,278.
Whereas the debut of PEPE snatched traders’ attention away from DOGE, Shiba Inu (SHIB) has maintained very stable daily purchasing and selling volumes since February. Within the last 10 weeks, SHIB’s daily purchasing and selling volume has not topped $0.5 billion.