13 exchanges list MemeCore, not one euro pair: hold or sell M?

Selling MemeCore currently only works by a detour: none of the 14 markets that CoinGecko lists for the token M trades against the euro. Every single pair runs through the stablecoin Tether or through USDC, with two pairs available only on decentralised exchanges on the BNB Smart Chain. Anyone who wants to unwind an M position therefore sells first into a dollar stablecoin and swaps that into euros afterwards. It is workable, but it costs an extra step, an extra fee and a second event that counts for tax.

The other half of the answer lies in the size of the market. According to CoinGecko data, M carried a market capitalisation of $2.32 billion on October 6, on daily volume of $2.39 million. That puts the ratio at roughly 971 to 1. On the thinnest days of the past two months it sat at about 3,500 to 1. For a small position that is of no consequence. For a large one it is the real question of this article.

Selling MemeCore today means Tether, not euros

A trading pair is the combination of the token you give up and the value you get for it. With M those pairs are, without exception, M/USDT, M/USDC or, on the two decentralised exchanges, M against a dollar stablecoin on the BNB Smart Chain. CoinGecko's ticker list carries no M/EUR pair, and no M/USD either.