Turkish traders piled into PEPE and bitcoin as lira collapsed
Turkey’s currency, the lira, has tanked by 25% against the US dollar since April, and by more than 80% over the past five years. Memecoin PEPE has apparently offered salvation to some. Stablecoins like tether (USDT) — and even bitcoin (BTC) — have historically been obvious hedge picks, at least in terms of crypto. But over the past two months, lira holders on Binance have triggered $682 million worth of PEPE trade s, ranking the froggy joke coin fourth for lira volume on the platform across that period. Bitcoin, which came in third place, saw only one-fifth more volume over that time. Ether (ETH) came a distant seventh with $223 million. Dollar-pegged tokens USDT and Binance’s soon-to-be-defunct branded stablecoin BUSD were the most traded between Apr. 26 and Jun. 26, with $5.2 billion and $1 billion, respectively. Blockworks looked at the 97 lira markets currently hosted by Binance for the purposes of this Analysis , based on TradingView data. Some volume may be attributed to...
