Memecoin trading volume briefly spiked to $5.6 billion on Monday, with analysts suggesting speculative momentum for memecoins may have now cooled.
Memecoin traders appeared to be locking in profits on Monday after a strong start to the year, according to analysts, with memecoin trading volumes spiking while memecoin marketcap fell.
Memecoin trading volume spiked to $5.62 billion on Monday, rising 106% from a day earlier, while memecoin market capitalization fell 6%, according to crypto data platform CoinMarketCap.
The volume has since dropped back down to $3.6 billion, down more than 24% for the day.
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