Crypto Trading Plunges as Meme Coins Take Over: What’s Next?

• The cryptocurrency market has seen the rise of meme coins, leading to a total liquidation of $55 million.
• Bitcoin and Ethereum have experienced the biggest drops in trading volume, with Bitcoin dropping below a crucial support level of $27.5k.
• A recent report from santiment reveals that altcoin trading volume has significantly decreased since early March.

Cryptocurrency Market Experiences Meme Coin Boom

The past two months have marked the beginning of a new era in the cryptocurrency space as meme coins take center stage and lead to a total liquidation of approximately $55 million. Leading digital assets such as Bitcoin and Ethereum have been hit hard, with losses totaling around $15.54 million and $14.77 million respectively, while the rest of the altcoin market reported around $25 million in liquidation.

Declining Trading Volume Affects Bitcoin Price

Simultaneously, Bitcoin’s price has dropped below an important support level at $27.5k due to declining trading volumes across all major cryptocurrencies. Investors are now looking forward to Wednesday’s FOMC meeting minutes for valuable insights into economic and financial conditions that may provide clarity on this trend going forward.

Santiment On Crypto Trading Volumes

A recent report from on-chain platform Santiment revealed that trading volumes have dropped substantially since Bitcoin’s rebound in early March, despite high expectations for Ethereum’s Shanghai Upgrade on April 12th which failed to drive significant activity due to potential regulatory concerns in the US.

Historically Low Levels Of Weekly Trading Volume

Santiment’s research further emphasizes that crypto assets are currently experiencing historically low levels of weekly trading volume – particularly with altcoins – representing the second-lowest threshold observed since September 2019 when combining just Bitcoin and Ethereum volumes alone.


The cryptocurrency market is currently undergoing drastic changes as meme coins take center stage amidst falling liquidity levels and declining overall trading volumes across all major digital assets – particularly altcoins – resulting in historically low thresholds not seen since September 2019 when only accounting for Bitcoin and Ethereum volumes together.. As investors await Wednesday’s FOMC meeting minutes for more insight into economic conditions, it remains unclear how this shift will affect prices going forward