- Dogecoin has recently gained over 10% in value, trading around $0.14, indicating strong support and renewed investor interest.
- October has seen a remarkable surge in demand for AI meme coins, with their market cap reaching $1.9 billion and daily trading volumes exceeding $600 million.
Traditional meme coins like Shiba Inu, Dogecoin, and Bonk are in massive demand in one of Asia’s largest cryptocurrency markets, South Korea, as per the latest listing trends on crypto exchange Upbit.
As per the latest report from DeSpreads, South Korean exchanges have been taking a cautious approach towards listing meme coins. Besides, top players like Upbit only consider those memes that have a minimum two-year trading history.
This policy favors established tokens with a longer trading history, such as SHIB, DOGE, and BONK, that have maintained a prominent market share.
For example, Dogecoin has been available on Bithumb and Upbit since 2021, while Shiba Inu was added to these platforms in 2023. Given the current regulatory landscape, this listing strategy limits the entry of newer tokens, providing established ones a competitive advantage.
Shiba Inu, Dogecoin on Upward Trajectory
On the other hand, the current developments reveal that the world’s largest meme coin Dogecoin (DOGE) has been on an upward trajectory recently, per the CNF report. With more than 10% weekly gains, DOGE has been taking strong support around $0.14 levels. This strong performance indicates ongoing bullish momentum, with a recent spike in trading volume reflecting renewed investor interest.
In contrast, Shiba Inu is trading slightly lower at $0.00001796 but continues to show a consistent upward trend, likely benefiting from the increased volume seen across other meme coins. Also, Shiba Inu whale activity has surged recently, hinting at the next leg of the rally for the meme coin, reported CNF.
Due to local trader demand and regulatory compliance, this selective listing policy will help well-known tokens like DOGE and SHIB thrive in the South Korean market. Although newer tokens like Bonk and Pepe (PEPE) are gaining some attention, they face greater challenges under these restrictions. As a result, already-listed meme coins are significantly bolstered by this situation, reinforcing their market positions.
AI Meme Coins Demand Soaring
Apart from Dogecoin, this month of October has particularly seen soaring demand for AI meme coins. Earlier today, October 23, the market cap of AI meme coins soared to $1.9 billion and their daily trading volumes exceeded $600 million.
However, the major contributors in this space are Turbo (TURBO) and Goatseus Maximus (GOAT) who together accounted for $360 million, representing more than 60% of the total trading volume for AI meme coins. The majority of the other tokens in this category exhibit low liquidity, with 24-hour trading volumes falling below $1 million.
GOAT experienced a 50% decline last week following controversies related to spelling errors from the ‘Terminal of Truths’ account. However, the token has since recovered, hitting a new all-time high of $0.6801 with 60% gains as of press time.
