• The meme coin market has taken a hit in recent weeks, with most tokens suffering double-digit value drops.
• Data from CoinMarketCap reveals that total meme coin trading volume is down by 17% over the past day.
• Individual trading volumes are down across the board, with the main culprits being $DOGE, $SHIB, $PEPE, and $FLOKI.
Meme Coin Craze Slowing Down
The meme coin market has been facing some hard times lately, with most tokens losing double-digits of their value in recent weeks. According to CoinMarketCap data, the overall trading volume of meme coins is also down by 17%. Notable tokens like Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe ($PEPE) and Floki ($FLOKI) have seen waning interest from investors – leading to their current decline in price.
Why is this Happening?
It seems that meme coins have followed a similar trajectory as Bitcoin and Ethereum – both of which recently posted losses as well. Moreover, the hype around these crypto assets has died out after many popular tokens like Pepe and WoJak experienced dramatic falls in their values. This caused investors to cash out rather than wait for prices to recover – ultimately leading to further drops in value for these coins.
3 Tokens That Could Explode Next
Despite all this bad news, there are still some token that are performing well and providing glimmers of hope for enthusiasts of the meme coin market. Here are three such tokens that could potentially explode next:
• Akita Inu ($AKITA): This token has seen an impressive surge in demand since its launch earlier this month – with its price currently up 50%. It’s backed by some of the biggest names in crypto (such as Binance CEO Changpeng Zhao) and features innovative deflationary mechanisms which should ensure future growth potential.
• MakiSwap Token ($MAKI): This decentralized finance (DeFi) token was launched last week on Uniswap and has already gained significant traction due to its low circulating supply and high liquidity rewards system for holders. Its price is up 35% since launch – making it one of the best performing DeFi tokens at present.
• SafeMoon (SAFEMOON): This relatively new token integrates several innovative features into one platform – allowing users to earn passive income via staking or holding Safemoon’s native cryptocurrency (SAFE). It’s popularity continues to grow thanks to its attractive reward structure – making it a strong candidate for further price appreciation moving forward.
Conclusion
Although much of the enthusiasm around meme coins appears to be fading away right now, there are still several projects worth keeping an eye on if you want exposure to this niche market sector. Akita Inu ($AKITA), MakiSwap Token ($MAKI) and SafeMoon (SAFEMOON) provide promising opportunities right now – despite the recent dropoff in activity witnessed by other major players like Dogecoin($DOGE). With any luck, these tokens will experience significant growth over time – providing much needed relief for those who’ve endured losses elsewhere in the meme coin market recently