FalconX: Market depth and trading volume indicators show DOGE, SHIB and other meme coins have staying power

According to Mars Finance news, according to data tracked by institutional crypto exchange FalconX, the average daily trading volume of major Meme coins has dropped from US$5.8 billion in March to US$3 billion, but this number is still much higher than the daily average of US$5.0 billion in January. One hundred million U.S. dollars. What's more, 1% market depth - a measure of liquidity that measures the ease of executing large orders at stable prices - remains resilient. DOGE, the world's largest meme coin by market capitalization, has a market depth of 1% and hit $10 million on Friday, its highest level in at least a year.

Meanwhile, SHIB, the second-largest meme coin by market capitalization, has a market depth of $4 million. In other words, it would take $10 million and $4 million worth of buy/sell orders to increase the price of DOGE and SHIB by 1% respectively. “These levels are very substantial for altcoin liquidity. For reference, SOL’s market depth is around $20 million. This kind of growth in volume combined with market depth is not common and traditionally occurs when assets with staying power, such as the recent SOL,” FalconX said in its weekly newsletter. FalconX added: “All in all, if price and volume trends point to a soft market in the short term, market depth suggests that meme coins may have more staying power than some expect.”