PEPE Trading Volume Declines as Memecoin Market Saturated, Investors Look Towards Solana & DTX Exchange

PEPE Trading Volume Declines as Memecoin Market Saturated, Investors Look Towards Solana & DTX Exchange

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July 4, 2024 by Editor's Desk
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As PEPE drops in price and trading volume tanks, it speaks to a growing lack of faith in memecoins. This means that investors are looking elsewhere for profits. Solana (SOL), on the other hand, is on the up due to recent Solana ETF filings, while DTX Exchange rises as a coin with true utility, bridging
PEPE Trading Volume Declines as Memecoin Market Saturated, Investors Look Towards Solana & DTX Exchange

As PEPE drops in price and trading volume tanks, it speaks to a growing lack of faith in memecoins. This means that investors are looking elsewhere for profits.

Solana (SOL), on the other hand, is on the up due to recent Solana ETF filings, while DTX Exchange rises as a coin with true utility, bridging the worlds of TradFi and DeFi.

Here we break down the numbers and explore where crypto traders are putting their money.

 

PEPE coin’s trading volume plummets by 48%

Although PEPE has rewarded many traders with big gains, on-chain statistics suggest that the memecoin is losing momentum.

PEPE is down on all timeframes apart from the yearly. On the monthly chart, we see a decline of 25% in the price.  The 24-hour trading volume was as high as $1,087,709,001 on June 26th, and is now down by 48% to $562,832,618.

This drop in PEPE’s price follows a wider downturn in the memecoin market, as traders tire of the endless pump and dump action of many of these coins. Most memecoins never even make it to fame, and even those that do, usually have a limited time before they are abandoned.

Experts are calling the downturn ‘Memecoin fatigue’, as traders look for coins and tokens that actually have real utility.

PEPE is still the 26th biggest coin by market cap, but with all the red candles, how long can this coin survive?

 

Solana (SOL)’s ETF filings show that the chain is good for more than NFTs and Memecoins

Solana (SOL) started off its fame as a non-EVM (Ethereum Virtual Machine) chain that offered a fast, superior, and slick UI for buying NFTs and memecoins – among other things.

Many of the biggest recent memecoins such as DogWivHat, BONK, The Book of Meme, and MEW are on Solana (SOL). But these coins have also fallen from their former glory, with DogWivHat being the biggest, but still ranked way below PEPE, at number 56 by market cap.

According to Coingecko, Solana (SOL)’s memecoin market is currently worth $7,279,259,660, down 4.9% over the last 24 hours.

But Solana (SOL) is more than memecoins and NFTs. And this is why asset managers such as VanEck and 21 Shares have filed for Solana (SOL) ETFs over the last few days.

This has had a positive effect on the price of Solana (SOL), as the coin is up by 8% on the weekly.

 

DTX Exchange targets long-term crypto traders amid memecoin exodus

Solana’s (SOL) rise, while memecoins fall, is a sign of the direction the market is headed. While memes may be fun and a part of crypto, serious traders and smart money are looking to the future of crypto as an integrated part of financial markets.

And that’s where DTX Exchange comes in. Memecoin trends like PEPE come and go, but people always want to trade, whether it’s forex, futures, indices, stocks, or crypto. In the words of gold mining supplier Samuel Brannan (who got rich during the American Gold Rush of the 1800s), “Mine the Miners”.

This has nothing to do with actual crypto miners, and everything to do with the fact that while some chase the ‘gold’, others make money from helping those who want to trade.

DTX Exchange offers loads of great features to crypto and financial traders including over 100 thousand financial products, zero commission, super-fast execution speeds of 0.04 seconds, 1000x leverage, and no KYC requirements.

As long as people want to trade financial instruments and crypto, and want the benefits that decentralization brings, DTX Exchange is set to be a winner. The project is currently in presale with a market cap of around $14 million, showing just how much room there is for growth for this new and innovative trading platform and its DTX token.

 

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