• South Korean exchange Bithumb recently listed two meme tokens, FLOKI and PEPE.
• The listing of the tokens in Asia could pose a threat to the liquidity of DOGE and SHIB.
• Exchange inflow for FLOKI rose to its second-highest value in May due to increased activity in South Korea.
Meme Tokens Expand into Asia
South Korean top exchange Bithumb recently listed two meme tokens, FLOKI and PEPE, in an attempt to broaden their reach into new markets. The listing of these tokens in Asia could possibly put SHIB and DOGE on their toes as the region has contributed massive liquidity to the crypto ecosystem this year. Exchange inflow for FLOKI rose to its second-highest value in May due to increased activity in South Korea.
FLOKI’s Exchange Inflow
Santiment’s data showed that FLOKI’s exchange inflow had reached 135.22 trillion, indicating that there had been increasing activity following the exchange action. However, this trend could have bearish implications for their respective values.
PEPE’s Social Volume
On-chain data indicated that the hype around PEPE had significantly reduced since it was listed on Bithumb. This metric measures the number of search terms related to a particular token or project on social media platforms such as Twitter or Reddit.
DOGE & SHIB at Risk?
In light of these developments, it is unclear whether Shiba Inu [SHIB] and Dogecoin [DOGE] will be able to sustain their market position against newer meme cryptocurrencies like Floki Inu [FLOKI] and Pepe [PEPE]. It is possible that with increased access into new markets, PEPE and FLOKI may soon compete with DOGE and SHIB for liquidity share.
The listing of FLOKI and PEPE by a major South Korean exchange has created buzz among cryptocurrency enthusiasts who are interested in seeing how these new meme tokens will fare against established players like Dogecoin [DOGE] and Shiba Inu [SHIB]. While we wait for more updates from Bithumb regarding rewards for participating in the KRW market, it remains uncertain if these newcomers can successfully compete with established players like DOGE or SHIB over time when it comes to liquidity share