The Turkish lira has depreciated significantly against the US dollar, leading Turkish traders to turn to cryptocurrencies. Memecoin PEPE saw a surge in trading volume as the lira crashed, with Binance processing over half a billion dollars in Turkish fiat trade. Other top-traded cryptocurrencies against the lira on Binance have shown a 40% success rate at hedging against lira devaluation. Stablecoins remain the most commonly traded crypto against the lira.
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