The trading volume ratio between centralized and decentralized exchanges has reached an all-time high recently, indicating that more market participants have jumped on the meme token bandwagon.
Crypto analyst BasedKarbon has commented:
“It seems they did not wait for the major CEXs to list the tokens and decided to purchase meme tokens through DEXs.”
On May 5, PEPE token traded on the Ethereum network through decentralized exchanges realized over $600 million.
Meanwhile, trading volumes of USD Coin and Tether’s USDT stablecoin on the network also returned to their 2020-levels, recording $75.5 billion and $72.8 billion respectively.