đ Binanceâs Memecoin Revolution: Breaking Records and Changing the Game!
A recent TokenInsight report sheds light on the impact of Binanceâs dive into Memecoins, confirming its effectiveness and market dominance.
Here's the scoop:
đ Key Highlights from the Report:
đ Trading Volume Domination (10/07/2024 - 11/15/2024):
Binanceâs total trading volume (spot & derivatives) surpassed major global stock markets.
10% higher than Nasdaq.
Twice the volume of the New York Stock Exchange (NYSE).
16x Coinbaseâs trading volume.
50% of the global centralized exchange trading volume.
During U.S. Election Week, over $20B USDT flowed into major exchanges.
Binance led the pack with an inflow of $7.7B!
đ Memecoin Impact:
Since launching the $GOAT contract in late October, Memecoins have taken center stage:
On Nov 13, $Pnutâs single-day contract trading volume hit $7.432B, accounting for 39% of ETH contract volume on the same day.Binance launched 11 popular Memecoins since October, quickly capitalizing on the growing trend.
đ€ The Cost of âEmbracing Memeâ
Binanceâs decision to integrate Memecoins wasnât without controversy:
Early skepticism included reputational risks (e.g., uppercase vs. lowercase Neiro disputes).Yet, the gamble paid off, with the community echoing sentiments like "miracles only happen on Binance."
Takeaway: Binanceâs shift toward Memecoins demonstrates its agility and ability to reshape narratives in the crypto space. As the largest exchange, itâs not just riding the waveâitâs creating it. đ
With numbers like these, is the next crypto bull run Memecoin-powered? Only time will tell! đ
