Against the backdrop of the popularity of meme-cryptocurrencies, the ratio of trading volumes on decentralized and centralized exchanges has reached an all-time high, exceeding 22% for the first time.
“A limited number of market participants have returned to trading on the DEX due to the meme token mania,” — declared cryptanalyst under the nickname BasedKarbon.
Against the background of the hype around meme-cryptocurrencies, many CEX were in no hurry to list them. Coinbase, for example, still does not support trading in the increasingly popular Pepe (PEPE) token. It took Binance several weeks to place the asset.
Probably, users did not wait for the listing on the CEX and began to switch to the DEX in order to purchase meme tokens. On May 5, PEPE trading volume on decentralized exchanges on the Ethereum network exceeded $600 million.
At the same time, the volume of stablecoin trading on the Ethereum network approached the level of 2020. USD Coin (USDC) hit $75.5 billion in May, up from $158.9 billion a month earlier.
Tether’s USDT stablecoin trading volume also dropped from $110.6 billion to $72.8 billion.
“This is likely due to the high fees in Ethereum, which leads to a lack of activity associated with stablecoins,” — declared analysts at The Block.
The experts noted that the USDC to USDT ratio also decreased, probably due to the March depeg of the former.
Recall, according to analyst Scimitar Capital, PEPE token holders realized $160 million in profit. The main amount comes from users who purchased the asset in the first week after launch.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Against the backdrop of the popularity of meme-cryptocurrencies, the ratio of trading volumes on decentralized and centralized exchanges has reached an all-time high, exceeding 22% for the first time.
“A limited number of market participants have returned to trading on the DEX due to the meme token mania,” — declared cryptanalyst under the nickname BasedKarbon.
Against the background of the hype around meme-cryptocurrencies, many CEX were in no hurry to list them. Coinbase, for example, still does not support trading in the increasingly popular Pepe (PEPE) token. It took Binance several weeks to place the asset.
Probably, users did not wait for the listing on the CEX and began to switch to the DEX in order to purchase meme tokens. On May 5, PEPE trading volume on decentralized exchanges on the Ethereum network exceeded $600 million.
At the same time, the volume of stablecoin trading on the Ethereum network approached the level of 2020. USD Coin (USDC) hit $75.5 billion in May, up from $158.9 billion a month earlier.
Tether’s USDT stablecoin trading volume also dropped from $110.6 billion to $72.8 billion.
“This is likely due to the high fees in Ethereum, which leads to a lack of activity associated with stablecoins,” — declared analysts at The Block.
The experts noted that the USDC to USDT ratio also decreased, probably due to the March depeg of the former.
Recall, according to analyst Scimitar Capital, PEPE token holders realized $160 million in profit. The main amount comes from users who purchased the asset in the first week after launch.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
