Kaiko: Meme token liquidity has doubled since the beginning of the year
The indicator is improving even as the crypto market corrects
18.06.2024 - 12:57
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What’s new? Experts at analytics firm Kaiko have noted in a new report on the state of the digital asset sector that the liquidity of meme tokens has improved and continues to improve, even as the broader crypto market corrects. In terms of returns, meme tokens are among the best performers this year, outperforming bitcoin and other altcoins.
What else is known? Kaiko noted that meme token liquidity, with a market depth of 1%, has doubled since the beginning of the year and reached an all-time high of $128 million in early June before correcting slightly.
Kaiko attributed part of the increase in liquidity to price increases. Many leading meme tokens, such as Dogwifhat (WIF), Memecoin (MEME), or Book of Meme (BOME), showed a significant increase in liquidity: from 200% to 4000%.
The company emphasized that more and more market makers are providing liquidity for these coins, although they are still considered risky due to high volatility.
In addition, the price determination of meme tokens occurs more in derivatives markets, making such assets susceptible to cascading liquidations that can amplify price fluctuations.
Meme tokens with Trump references fell by 30% amid rumors of an official politician’s coin issue
The team of the former US president has not confirmed the news
Earlier, Tether CEO Paolo Ardoino criticized meme tokens, saying they are on the opposite end of the spectrum from bitcoin, which is a robust decentralized cryptocurrency.
In early June, Bybit exchange analysts noted that the volume of meme tokens in their institutional clients’ portfolios had grown 125% since the beginning of the year.
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