Advertisement
AD

Main navigation

SHIB, DOGE and PEPE's Market Making Insights Unmasked

Advertisement
Tue, 23/05/2023 - 14:45
SHIB, DOGE and PEPE's Market Making Insights Unmasked
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The recent surge in meme coins has caught the attention of the crypto community. While the overall state of the crypto markets cannot be described as bubbling at the moment, meme coins like Shiba Inu (SHIB) or Dogecoin (DOGE) have unexpectedly gained traction, reports crypto intelligence portal Kaiko.

Advertisement

One of those coins, Pepe Coin, inspired by the popular Pepe the Frog meme, has seen a remarkable rise, reaching a staggering $1 billion market capitalization earlier this month.

Related

Market makers have become increasingly involved in the meme coin market, although they are typically neutral on the tokens for which they provide liquidity. An interesting aspect of this phenomenon is the understanding of the amount of capital being deployed in meme coin order books. We can gain insight into the global capital supporting these markets by utilizing a data type that consolidates market depth across all exchanges and pairs.

Article image
Source: Kaiko

As the Kaiko report states, since the onset of meme coin mania in April 2021, approximately $55 million of liquidity has consistently supported meme coin order books, the majority of which has been allocated to Dogecoin (DOGE).

Related

Two notable figures have emerged in this landscape. First, Upbit, a major Korean exchange, has seen a significant increase in altcoin volume over the past month. Second, BitForex, a centralized exchange based in Hong Kong, boasts a total trading volume of over $1.6 billion, despite its rather dubious history.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD