From Investing.com: 2024-05-20 11:09:55

The meme coin frenzy may have cooled off, but markets for top meme tokens remain liquid, showing resilience during recent market corrections. Year-to-date returns for meme tokens range from 80% to 1800%, with trade volumes surging by over 200% to $11 billion, driven by accessibility and community interest.

Meme tokens have defied expectations, maintaining strong trade volumes and performance during market corrections. Analysts attribute their popularity to accessibility and community interest, with meme coins showing higher leverage and susceptibility to speculative appetite compared to other altcoins.

The correlation between meme tokens and retail-driven speculative assets like meme stocks has been weak and volatile. Despite this, the correlation between DOGE and GameStop reached its highest level in over a year following an unexpected surge in meme stocks like GME and AMC Entertainment last week.

Kaiko Research highlights the interconnected nature of retail-driven speculative assets, noting the impact of meme stock surges on the correlation between DOGE and GameStop. Despite the higher leverage and speculative nature of meme tokens, their resilience and popularity indicate they are here to stay.

Read more at Investing.com: Dogecoin, meme token volumes remain resilient