Recently, the world’s largest cryptocurrency stock market Binance listed the 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 PEPE and FLOKIwould increase its trade volume.
According to the news of Coindesk, with this increase in the trading volume of meme tokens, Bitcoin’demonstrating the link between the decline in dune analytics, He said that the crypto market reached $2.3 billion in meme token trading volume last week, up nearly sixfold, and the highest since May 2021.
According to Dune Analytics data, the meme token craze is the frog-themed token that was released in mid-April 2023. Pepecoin (PEPE) He led.
Historically with the meme token buying spree BTC’Stating that the declines in Bitcoin have come one after another, Dune Analytics stated that the speculative frenzy in meme tokens foreshadowed the downward trends 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.”
Happening on Bitcoin Binance BTC After the problems experienced in withdrawal and transfer transactions, it fell to the level of $ 27,500.
*Not investment advice
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