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Turkish Lira Traders Turn to Memecoin PEPE Amidst Significant Decline in Value

June 28 (Cointime) - The Turkish lira has depreciated significantly against the US dollar, prompting some traders to seek alternative options like memecoin PEPE. On Binance, lira holders have traded $682 million worth of PEPE in the past two months, making it the fourth most traded cryptocurrency for lira volume on the platform.

While stablecoins like tether and bitcoin have been popular hedge picks, the recent surge in PEPE trades suggests that some traders may be looking for riskier options. Fan tokens like SANTOS and ALPINE have also been popular among Turkish lira holders on Binance.

However, out of the most traded cryptocurrencies against the lira on Binance, only a few have actually hedged against currency devaluation, resulting in a 40% success rate at hedging against the lira's devaluation via Binance.

Pepe Pepe $0.00
-1.57%
Cryptocurrency Binance
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