Meme Coin Trading Volume Drops Over 50% in a Month

Source=CryptoQuant

Meme coin trading volume has significantly decreased in just one month.

On the 17th (local time), BeInCrypto reported, "A month ago, meme coins outperformed top altcoins," but "in just one month, the trading volume decreased from $30 billion to less than $14 billion."

The media stated, "Meme coins tend to cannibalize each other's market capitalization," adding, "While it's hard to claim a meme coin bear market has appeared, bearish signals do exist." It further assessed that "some meme coin rug pull scams may have contributed to lowering market interest."