Memecoins: To the Moon… Or Bust! 🚀

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Oy vey! So, these decentralized exchanges – the DEXes, as the cool kids call ’em – are suddenly booming? Apparently, it’s all thanks to what can only be described as a full-blown “memecoin speculation mania.” Mania, I tell ya! It’s like tulips all over again, but with dog pictures. 🐶

This Yuqian Lim, a researcher at CoinGecko (sounds like a reptile, doesn’t she?) says that over the last five years, more people are trading directly with each other instead of using those… established… centralized exchanges. Can you believe it? It’s tripled! Tripled, I say! They’ve gone from being the slightly embarrassing cousin at the family gathering to… well, still the slightly embarrassing cousin, but with a little more money now. 💰

They hit a record in June! 37.4%! What were people thinking before?!? Apparently, it’s those PancakeSwaps from Binance Alpha. Honestly, who names these things? PancakeSwap? Sounds like a breakfast dish, not a financial revolution! 🥞

For years, places like Binance and Coinbase, they were the big shots. Easy to use, nice and shiny… but now these DEXes are trying to join the party. They’re adding features, sprucing themselves up. It’s a whole thing. You’d think they’d be busy inventing a better toaster.

DEX trading? It’s… sticking around?

Now, it’s dipped a little to around 21% as of November, but STILL! Five months in a row near 20%, according to Ms. Lim. It’s “stickiness!” Listen to her, all high-falutin’ with her fancy terms. Stickiness! You know what’s sticky? Caramel! 🍬

“This is well above the stagnant DEX to CEX spot ratios seen in previous years and potentially indicates stickiness in DEXs’ growing market share of spot trading volume.”

And get this: even with the market doing a little shpilkes (that’s Yiddish for jitters), DEX spot trading hit $419 billion in October. $419 BILLION! What are they buying, solid gold emojis?!? 🪙

“A gradual but steady shift in preferences toward onchain trading,” she says. A shift! Like a tailor moved his shop! Oy.

Futures? They’re jumping too!

And the futures market? It’s also going DEX-crazy! 11.7% in November! This is getting ridiculous. This, I tell ya. It’s a… a phenomenon! A financial tsimmes! (Another Yiddish word, meaning a delightful mess.)

These new DEXes – Hyperliquid, Lighter, edgeX – they’re givin’ away stuff to get people to trade! Incentives! It’s like bouncers paying people to enter a club. Hyperliquid did $2.74 TRILLION in trading! That’s more than Coinbase! Can you imagine? It’s enough to make a mensch weep! 😭

But Lim, this Lim is a smart cookie, she says that once the free stuff stops, we’ll see if this whole thing lasts. Which, honestly, is probably a very good question. Because let’s face it, free stuff rarely lasts, does it?

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2025-11-28 05:51