{"id":79167,"date":"2023-05-23T12:41:32","date_gmt":"2023-05-23T09:41:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79167"},"modified":"2025-09-11T09:30:03","modified_gmt":"2025-09-11T06:30:03","slug":"cex-trading-volumes-dip-as-meme-token-mania-grows","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cex-trading-volumes-dip-as-meme-token-mania-grows\/","title":{"rendered":"CEX trading volumes dip as meme-token mania grows"},"content":{"rendered":"

Against the backdrop of meme-crypto popularity, the ratio of trading volumes on decentralized and centralized exchanges reached a record high, surpassing 22% for the first time.<\/p>\n

\"Snimok-ekrana-2023-05-23-v-11.39.58\"
Share of spot trading on DEXs and CEXs. Data: The Block<\/a>.<\/figcaption><\/figure>\n
\n

\u201cA limited number of market participants returned to trading on DEX<\/a> due to meme-token mania,\u201d \u2014 \u0437\u0430\u044f\u0432\u0438\u043b<\/a> the crypto analyst going by the handle BasedKarbon.<\/p>\n<\/blockquote>\n

Amid the meme-cryptocurrency frenzy, many CEX<\/span> did not rush to list them. Coinbase, for example, still does not support trading of the popular Pepe (PEPE) token. Binance listing<\/a> of the asset took several weeks.<\/p>\n

Likely, users did not wait for a CEX listing and began moving to DEX to acquire meme tokens. On May 5, PEPE trading volume on decentralized exchanges on the Ethereum network exceeded $600 million.<\/p>\n

\"pepe\"
Trading volume of PEPE on DEXs in the Ethereum network. Data: The Block.<\/figcaption><\/figure>\n

At the same time, the trading volume of stablecoins on the Ethereum network approached 2020 levels. In May the USD Coin (USDC) market cap reached $75.5 billion compared with $158.9 billion the month before.<\/p>\n

Trading volume of the stablecoin USDT from Tether also declined\u2014from $110.6 billion to $72.8 billion.<\/p>\n

\"Snimok-ekrana-2023-05-23-v-11.52.14\"
Trading volume of stablecoins on the Ethereum network. Data: The Block<\/a>.<\/figcaption><\/figure>\n
\n

\u201cThis is likely caused by high Ethereum fees, which lead to a drop in stablecoin-related activity,\u201d said analysts from The Block.<\/p>\n<\/blockquote>\n

Experts noted that the USDC-to-USDT ratio also declined, likely due to the March depeg<\/a> of the first.<\/p>\n

As noted by the analysts, according to Scimitar Capital, PEPE holders realized $160m<\/a> in profits. The bulk of the profits went to users who bought the asset in the first week after launch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Against the backdrop of meme-crypto popularity, the ratio of trading volumes on decentralized and centralized exchanges reached a record high, surpassing 22% for the first time.<\/p>\n","protected":false},"author":1,"featured_media":79168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,787,1268],"class_list":["post-79167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-dex","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79167"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79167\/revisions"}],"predecessor-version":[{"id":79169,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79167\/revisions\/79169"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79168"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}