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Forget Bitcoin ETFs; memecoins are the new trading craze!
Traders went wild on decentralized exchanges (DEXs) last month, pushing trading volumes to a staggering $261 billion, an all-time high, according to reports. This surpasses even the peak month of November 2021 by a whopping $25 billion.
Memecoins to the Moon (and Your DEX)
Fueling this surge were none other than memecoins, those internet darlings often featuring dog pictures and playful names. Memecoin enthusiasts flocked to DEXs, propelling activity to unprecedented levels.
DEX Champions: Ethereum, Solana, and BSC
Ethereum remained the king of the DEXes with $75 billion in trading volume, followed closely by Solana ($58 billion), the favorite playground for many memecoins. Binance Smart Chain (BSC) rounded out the top three with $46 billion.
New Kid on the Block: Coinbase’s Base Emerges
Coinbase’s Layer 2 network, Base, made a surprise appearance in March after a five-month hiatus. It quickly racked up $7.75 billion in trading volume, likely fueled by the memecoin craze, particularly the rise of DEGEN. Base’s memecoin scene is thriving, with the sector’s market cap surging 60% in just a few weeks.
Memecoins Outshine Bitcoin ETFs
While traditional media fixates on Bitcoin ETFs, memecoins have quietly been stealing the show. This sector, known for its lighthearted (and sometimes questionable) approach, has been on a tear, with six memecoins even cracking the top 100 cryptocurrencies by market cap.
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