There is no trace of memecoins, which reached a transaction volume of $ 1 billion in the past days, are investors leaving memecoins?
Memecoins, which occasionally hit the crypto scene, had this opportunity recently with Pepe (PEPE). Reaching 21 times the price in just one week, PEPE started the memecoin frenzy. Reaching incredible volumes with Binance listing, PEPE brought other memecoins behind it.
Dozens of coins similar to PEPE were launched. Likewise, new breakthroughs were seen in dog coins. But the decline of Bitcoin (BTC) and the quenching of memecoins left investors confused. Could the memecoin frenzy, which offers huge earning opportunities in a very short time, be over?
How Did the Trend Start?
Adding Dogecoin (DOGE) Logo to Twitter
The memecoin trend actually sparked recently with the addition of the Dogecoin (DOGE) logo to Twitter. The DOGE posts of Elos Musk, the owner of Twitter and Tesla, were one of the data that most clearly supported this. The fact that the users, who are not related to cryptocurrencies, got to know DOGE thanks to Twitter, gathered an audience from outside as well.
DOGE, which experienced a 67.68 percent increase after the inclusion of the DOGE logo on Twitter, actually started the memecoin excitement. DOGE, which managed to rise from the short-time lows to the top, took its place on the agenda for a while with the effect of social media support.
A New Star Is Born: Pepe (PEPE)
The main move to the memecoin frenzy, which showed the initial signs, came from Pepe (PEPE). Taking advantage of this gain in PEPE, crypto investors continued to turn to coins similar to PEPE. In this case, it brought the transaction volume in memecoins to the top. With the rush that started, the transaction volume of memecoins managed to reach $ 1 billion.
PEPE, which increased by 2.125 percent from April 27 to May 5, took the throne of memecoins. PEPE, which is also listed on many crypto exchanges, has attracted the volume of the market to memecoins with the wind behind it. Hundreds of memecoins similar to PEPE have been produced. While there were hugely profitable investors in these memecoins, the majority of them complained about the sudden depreciation of the price.
Listing of Floki Inu (FLOKI) on Binance
Binance recently released an announcement stating that it will list another popular name for memecoins, FLOKI. With this news, serious activity was seen in the Floki Inu ecosystem. This move of Binance, which is seen as one of the most popular and successful exchanges in the world, brought thousands of foreign investors to FLOKI.
FLOKI, which created the agenda both on social media and on crypto platforms, reflected this situation in its price. FLOKI, which increased by 83 percent, was another factor that started the memecoin trend. One of the items that brought PEPE to the forefront so quickly was the huge increase in FLOKI and DOGE in a short time.
How does it continue?
Memecoins, which had a trading volume of 1 billion dollars without a period of 1 week, have currently decreased to 500 million dollars in transaction volume. One of the main reasons for this situation was the exit of PEPE investors. PEPE, which has been under constant selling pressure after Binance listing, has lost 76.54 percent since its peak. Investors abandoning PEPE has completely undermined the memecoin trend.
Dogecoin (DOGE) Loses Its Popularity
The DOGE logo on the Twitter homepage kept DOGE on the agenda. But Twitter’s termination of this situation seriously shook DOGE’s momentum. Then, the lack of support from Elon Musk about DOGE and the start of sales in memecoins led DOGE to decline. DOGE, which has recently peaked with the Twitter issue, has lost 34.24 percent of its value at this price.
Escape From Pepe (PEPE) Has Begun
PEPE, which managed to reach a price of 21 times between the end of April and the beginning of May, dropped significantly after the Binance listing. The buyers of PEPE, which lost value by 76.14%, can no longer establish their former dominance. In terms of fundamental analysis, it seems that there is no longer a situation to price PEPE, which reached its peak after the listing news.
Investors, who took advantage of this situation, exited PEPE and pulled the price even further. The PEPE community, which has also decreased in social media, is gradually weakening. Currently, there is no trace of PEPE, which has overtaken the volume of almost all altcoins in the market lately.
News Effect Ended on Floki Inu (FLOKI)
FLOKI, which caught excitement with the news of Binance listing, could not keep this pricing in its hands day by day. Floki Inu, which continuously burns as an ecosystem, increased its burning values, but it was not enough for an upward movement. FLOKI, which is 35.94 percent below the peak price it caught on Binance, was another coin that damaged the memecoin trend. The Floki Inu community, which has larger audiences than many memecoins, continues to support the project.
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