Trading volume in meme coins, or cryptocurrencies originating from internet memes and having no inherent utility, surged last week in a move reminiscent of frenzied activity observed ahead of previous bitcoin market tops.
The crypto market saw $2.3 billion in meme coin trading volume last week – a six-fold rise from the preceding week's $387 million to the highest since May 2021,The speculative mania was led by pepecoin , a frog-themed token launched in mid-April with a maximum supply of 420 trillion. PEPE$1 billion in market capitalization on Friday, eventually peaking at $1.82 billion, a staggering achievement for a three-week-old meme cryptocurrency.
The PEPE frenzy also spurred speculation in other low-cap tokens like DINO, WSB, CHAD and 4TOKEN, which rose by several hundred percent in the past two weeks. Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, the leading cryptocurrency by market value.Bitcoin traded near $27,970 at press time, representing a 2% drop on the day, despite the weakness in the dollar index . Bitcoin usually movesof the dollar index, which gauges the greenback's exchange rate against major currencies, including the euro.
The DXY saw a brief bounce to 101.75 on Friday following the release of surprisingly strong U.S. jobs data, but since then has fallen back to under 101.20.
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