- Memecoins sector shows massive growth year to date, outperforming all competitors.
DOGE, WIF and PEPE see a decline in social activity.
As a seasoned crypto investor, I’ve seen my fair share of market trends come and go. And right now, the memecoin sector is one that has truly captured my attention. According to recent data from Artemis, the memecoin sector has shown massive growth this year, outperforming all other competitors with a whopping 114% YTD gain.
The memecoin market has experienced the most significant expansion among all cryptocurrency categories as of late. As per current figures from Artemis, this sector has witnessed a noteworthy increase of 114% year-to-date.
Memecoins dominate
The surge and expansion of memcoins like WIF, PEPE, and DOGE significantly contributed to the rise of this market segment. Impressively, the memecoin sector outpaced the growth of Centralized Exchange tokens, Decentralized Finance tokens, and Artificial Intelligence tokens.
However, things could take a turn for the worse for these memecoins in the future.
According to AMBCrypto’s interpretation of Santiment’s findings, the social buzz surrounding WIF and DOGE has noticeably decreased during the last month. This reduction in public interest might be indicative of a potential price drop for these cryptocurrencies.
With the rise of meme coins like TRUMP and BODEN gaining popularity on social media, tokens such as WIF and DOGE may find themselves losing market prominence.
To maintain a positive price trend, memcoins should reclaim their former appeal among social media users and go viral once again.
I’ve noticed an uptick in Social Volume for PEPE lately, implying that it has successfully maintained a presence on social media platforms amidst new market competitors.
When it comes to public opinion, a comparable trend emerged. The Weighted Sentiment for WIF and DOGE saw significant decreases, suggesting an increase in negative comments about these cryptocurrencies on various social media outlets.
As a researcher observing the trends in the memecoin market, I noticed that PEPE consistently demonstrated growth in this particular department. This finding suggests a generally favorable outlook towards PEPE within the community.
Looking at the data
From a networking perspective, PEPE experienced advancements lately, signaling a rising curiosity among new users towards the cryptocurrency.
Over the past several days, Doge’s transaction speed has noticeably increased, indicative of more frequent transactions taking place. On the other hand, Wif experienced a comparable rise in transaction volume.
Over the past week, the prices of Dogecoin (DOGE) and Pepecoin (PEPE) have risen, whereas Wifitcoin (WIF), a relatively new player in the cryptocurrency market, has not been able to achieve similar gains.
Over the last week, PEPE experienced a 14.98% increase, contrasting DOGE‘s 3% rise. However, WIF suffered a setback with a 10% decrease.
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2024-05-18 09:11