On-chain MEME trading tool GMGN.ai has recorded one of the highest daily trading volumes on November 17th, likely on the back of a rise in memecoin popularity.
According to on-chain data, the platform has seen a rise in both the number of users and the number of transactions, marking its highest-ever daily transaction volume of $72 million on November 17th.
GMGN Surpasses BULLX With Daily Trading Volume
GMGN’s record of $72 million in transaction revenue has surpassed BULLX, whose highest transaction volume stands at $67 million. At present, GMGN stands second to only PHOTON, whose transaction volume is at US$330 million
Additionally, GMGN.ai has seen a daily revenue of $710K from fees and around 25K users per day.
GMGN’s Popularity Comes As Advancements in the Sector Continue
Gmgn.ai’s popularity comes after it declared the launch of its crawler whitelist on September 25. The goal of this project was to assist groups and individuals who want to create their trading platforms and signals inside the memecoin ecosystem.
By granting access to the whitelist, Gmgn.ai aimed at assisting small and medium-sized business owners in lowering the expenses associated with data servers, freeing them up to concentrate on their innovation and product development in order to create their own platforms.
GMHN.ai Sees Rise in Transaction Amid Optimism In Crypto Market
GMGN’s ascending transaction volume comes at a time when the entire crypto market is seeing a frenzy of optimism. Thanks to Bitcoin’s bullish trading, investor sentiments for riskier assets has seen a generation of risk appetite and flow of money.
At the press time, the OG cryptocurrency is trading at $91,768.30, up 0.74% as compared to the same time last day.
The popularity of Bitcoin has also resulted in memecoins getting the much deserved attention in the market and seeing a rise in trading.
With the rise of the global money supply, most investors now find riskier ventures more tempting. Therefore the shift in the trend has seen a plethora of money being poured into cryptocurrencies like Ethereum and Bitcoin.
In the same flow, the other extreme of this money flow is represented by memecoins, which are high-risk, high-reward investments for excess funds. Concurrently, a large number of private investors are looking for new ways to make money, which is a sign of shifting attitudes in traditional finance.
Memecoins are also striving because they give investors a chance to lessen insider advantages and improve equitable access for investors globally.