#BinanceHODLerPLUME The Impact of Meme Coins in the Market 2. Turnover Ratio
In March 2024, the turnover ratio (trading volume to market cap) of meme coins reached 77%, compared to just 1.8% for Bitcoin.
This indicates that meme coins exhibit high liquidity and active trading behavior compared to Bitcoin, which enjoys greater relative stability (bdc.consulting).
3. Examples of High Trading at the Wave
In January 2014, Dogecoin's trading volume surpassed the trading volume of all other cryptocurrencies combined for a brief period, even though its market value was still small compared to Bitcoin (Wikipédia).
During the peak period in April–May 2021, Dogecoin's daily trading volume was around $70 billion, accompanied by an exaggerated price surge (Wikipédia).
4. Recent Trading Activity
According to TradingView, Dogecoin's daily trading volume is approximately $3.18 billion (TradingView).
From CoinMarketCap, the trading volume in the last 24 hours is about $2.87 billion, with a market cap close to $32 billion (CoinMarketCap).
Summary: Where does the impact come from and how is it translated?
linkvaluePercentage of Trading Volume ParticipationApproximately 5% of the entire crypto market volume from meme coins (2024)Turnover Ratio (Turnover–Volume/Marketcap)77% for meme coins compared to 1.8% for Bitcoin (March 2024)Daily Trading Volume – DogecoinFrom approximately $2.9 to $3.2 billion