- The memecoin sector ends up giving the most amount of returns compared to other cryptos.
Social volume around DOGE, SHIB and WIF grew, however, sentiment continued to decline.
Major financial institutions joining the crypto world via ETFs has significantly boosted investor trust in the sector. While Bitcoin and Ethereum have garnered much attention for potential growth, memecoins have emerged as the top performers within the crypto marketplace.
Memeing away
“Solana’s memecoin sector has significantly fueled this growth. The affordable transaction fees on Solana make it accessible for many users to create their own coins on the network.”
Meme coins like BOME, BODEN, and MEW have garnered significant attention with numerous users joining in, fueling excitement within the meme coin community.
Among the notable contenders in this sector, WIF (Dogwhizit) distinguished itself by swiftly advancing, outpacing other significant meme coins, and securing the third position in the meme coin competition.
Currently, DOGE is leading the way among mem coins in terms of market value, with SHIB coming in second place. The majority of their price fluctuations can be attributed to the level of buzz and engagement they receive on social media platforms.
According to AMBCrypto’s interpretation of Santiment information, there was a significant increase in social buzz for DOGE and WIF over the past few days. Conversely, the social chatter surrounding SHIB has seen a decrease.
Some challenges ahead
Despite a rise in social media buzz for memcoins like DOGE, SHIB, and WIF, the feelings expressed towards these tokens showed a contrasting trend. The overall sentiment towards DOGE, SHIB, and WIF had noticeably worsened over the previous few days based on our analysis.
At the time of writing, there were more negative comments than positive ones regarding these tokens.
If criticism about these memecoins increases, it may become more challenging for them to bounce back and demonstrate greater development.
Although WIF kept drawing new addresses, memcoins like Dogecoin and Shiba Inu held an advantage due to the thriving ecosystems built around their tokens.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Over the past month, there’s been a noticeable drop in action across these ecosystems. Based on Santiment’s data, as examined by AMBCrypto, the number of active addresses on each network has decreased markedly.
To maintain their leading roles in the memecoin market, Dogecoin and Shiba Inu need to enhance the allure of their respective ecosystems.
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2024-04-13 05:11