TL;DR
- Despite market turbulence, memecoin trading volumes remain strong.
- Meme tokens continue to be some of the best performing assets of the year.
- The correlation between memecoins and other speculative assets remains weak and volatile.
The recent turmoil in financial markets has failed to slow the momentum of meme tokens.
As investors seek refuge in quality assets during market declines, meme tokens have defied this trend by maintaining their robustness.
According to recent data from Kaiko, memecoin trading volumes have seen a significant increase, exceeding $11 billion weekly, despite the market correction.
This astonishing performance has further cemented meme tokens position as some of the best-performing assets of the year, with cumulative returns ranging between 80% and 1,800%.
A possible explanation for the resistance of memecoins lies in their accessibility and ability to adapt to market trends.
This flexibility continues to attract significant interest from the investment community, which has helped it maintain its strength even during times of financial uncertainty.
However, it is important to note that meme coins typically have higher leverage compared to other altcoins, making them more susceptible to volatility and speculative trading.
Interestingly, the correlation between memecoins and other speculative assets, such as meme stocks, has been relatively weak and volatile.
Although these assets would be expected to follow similar patterns due to their speculative nature, the data shows an unstable relationship between them.
This suggests that memecoins may have a unique behavior in the market, independent of other risk assets.
In addition to Memecoins, the percentage of BTC traded reaches its all-time high
Analysis of the data reveals that the percentage of Bitcoin traded during US hours has reached an all-time high in 2024.
This phenomenon, which represents 46% of the accumulated volume in April, suggests a significant change in trading patterns.
An increase in BTC volume is seen at the beginning and close of US trading hours, indicating increased interest and activity during this period.
This trend may be related to the launch of spot ETFs in January, which has boosted arbitrage and price discovery in the cryptocurrency market.
The increase in BTC volume during US hours highlights the growing importance of this market in global Bitcoin activity.
Although volume during APAC trading hours remains significantly lower, the United States lead in the Bitcoin rally suggests a change in the cryptocurrency landscape.
