Data in the altcoin market shows that meme coins are more resilient than expected.
Meme coins such as DOGE, SHIB, WIF, PEPE, FLOKI, and BONK lost value up to 27% within the past week.
According to data from the institutional crypto exchange FalconX, the trading volume in the meme coin market rose to $5.8 billion in March and then fell to approximately $3 billion. However, this number was around $500 million in January.
According to FalconX data, the market depth of DOGE was $10 million by the end of last week. This number was measured as $4 million for SHIB. This means that a trade worth of $10 million or $4 million is required for 1% change in the prices of DOGE and SHIB.
FalconX analysts said, “These levels are respectable in terms of altcoin liquidity. It can be said that SOL has a market cap of about $20 million as a reference.”
Analysts said, “If prices and volumes signal a tired market in the short term, market depth indicates that some meme coins are more permanent than some think.”
