Recently, the world's largest cryptocurrency exchange Binance has listed popular meme tokens PEPE and FLOKI.
While this listing of Binance was talked about a lot in the crypto market, big purchases came from whales and investors.
These purchases would increase the trading volume of PEPE and FLOKI.
Revealing the link between this increase in the trading volume of meme tokens and the decline in Bitcoin, Dune analytics reported that the crypto market increased nearly sixfold last week to $2.3 billion in meme token trading volume and its highest since May 2021. He said he had reached the level.
According to Dune Analytics data, the meme token craze was spearheaded by Pepecoin (PEPE), a frog-themed token that was launched in mid-April 2023.
Stating that historically, the decreases in BTC have come together with the buying spree of meme tokens, Dune Analytics stated that the speculative frenzy in meme tokens foreshadowed the downtrends in Bitcoin.
“Historically, the speculative craze in non-serious cryptocurrencies, i.e. meme tokens, foreshadowed major market peaks or downtrends in Bitcoin, the largest cryptocurrency by market cap.”
After the problems experienced in BTC withdrawal and transfer transactions on Bitcoin Binance, it fell to the level of $ 27,500.
*Not investment advice