Memecoins
Shiba Inu’s [SHIB] 7-day peak – Learn this from Korea’s affair with memecoins
Posted:
Journalist
- Thanks to the bull market, memecoins are more popular than ever
- 10X Research’s latest report had interesting observations to make about memecoins and Asian trading hours
The memecoin mania isn’t slowing down anytime soon for an apparent reason — Its potential for swift gains. Some believe it’s the quickest way to achieve generational wealth.
At the time of writing, the memecoin sector had a daily trading volume of +$12B per Coingecko data.
Despite most of the category flashing red, the new and trending Solana [SOL] based meme, Slerf [SLERF], posted double-digit gains at press time.
Commenting on the current meme mania, Markus Thielen, founder of crypto research firm 10X Research, noted that the meme rally started at the end of February.
“Memecoin rally started around February 28 and came out of nowhere.”
80% of memecoin rallies happen during Asian hours
Thielen cited Korea as one of the primary drivers of the meme craze.
“I think the timing is quite interesting and coincides with some political developments in Korea. And Korea is very well known for memecoin trading.”
He supported his argument using Shiba Inu’s [SHIB] recent traction and performance.
“As an example, you know, Shiba traded for seven consecutive days as the number one token on Upbit. Upbit is a Korea-focused exchange with an 80% market share in the country. Over these seven days, Shiba traded more than $10B – $11B.”
Additionally, based on his analysis of flow from BTC to memecoin, Thielsen noted that;
“I think when you look at a breakdown of the flows or the performance of all these various tokens from BTC to memecoins, you’re seeing that a lot of the memecoins, around 80% of the performance occurs during Asia hours. Asian hours is driven by Korean traders.”
Put differently, memecoin traders have a better chance of catching the most upside during the Asian trading sessions.
If the 10X Research’s memecoin findings are valid, meme traders can maximize their performance by timing the Asian trading hours.
