- Dogecoin and PEPE were the best performing memecoins among the top four in the sector over the past month
- The memecoin market shed 16% while the altcoin market as a whole grew by 22% since mid-November
As a seasoned researcher with years of experience navigating the complex world of cryptocurrencies, I must admit that the memecoin market has been a rollercoaster ride lately. The past month has seen Dogecoin and PEPE, two standouts among the top four memecoins, performing exceptionally well amidst the sea of altcoins. However, it’s interesting to note that while they thrived, the overall memecoin market took a 16% hit, contrasting sharply with the 22% growth in the altcoin market as a whole.
Starting in early November, the memecoin market gained significant momentum and garnered attention both in media outlets and among the public. Over a span of merely ten days, from November 4th to the 14th, the total value of the market sector skyrocketed from $55 billion to an impressive $116 billion.
When did Dogecoin begin to drop in popularity?
Since mid-November, there’s been a significant decrease in the meme coin market’s activity. Notably, Dogecoin (DOGE), the most prominent among its peers, has failed to reach a new peak despite Bitcoin‘s [BTC] price surging to $108k.
Indeed, AMBCrypto conducted an analysis comparing the social influence of these two platforms, along with Ethereum (ETH), the foremost altcoin globally. Notably, Ethereum itself has faced challenges on its price graph over the past few weeks.
On November 13th, DOGE’s social influence reached a peak nearly 18 months high. However, since that date, its standing has been descending, which seems to mirror the general sentiment among participants in the meme coin market.
Memes have gone backwards, while altcoins try to hold their ground
The TOTAL2 market cap value highlights the overall market capitalization, without considering Bitcoin. Following the recent widespread market decline, it has returned to levels last seen during the last week of November. However, there are signs suggesting a potential market recovery.
Since 14 November, the altcoin mcap has grown by 22%. Despite the latest drop in its figures.
From my perspective as an analyst, it’s evident that the market capitalization of meme coins has seen a 16% drop since November 14th. This decline has brought the total from $116 billion down to $100 billion at the time of press. When considering the social dominance metric, these figures suggest that the meme sector hasn’t been as strong as the rest of the altcoin market over the past month.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
Of the leading four meme-based cryptocurrencies, Dogecoin and PEPE have shown exceptional performance since last November, despite recent market fluctuations. This underscores the fact that established altcoins dominate the market and continue to be promising investment choices due to their consistent growth potential.
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2024-12-22 10:15