Over the last 30 days, memecoins have been the standout performers in the cryptocurrency market, surpassing the average returns by a significant margin. According to data from Artemis, memecoins have recorded an average return of 103%, which is over 6 times higher than the market average of 16.1%.
Among the memecoins tracked by Artemis, Dogecoin (DOGE) and Pepe (PEPE) have seen substantial gains, with DOGE growing by 196.1% and PEPE by 115%. Additionally, PEPE’s “beta play” PepeCoin also experienced a notable increase of 121.1%. Solana-based Bonk (BONK) and Base’s Brett (BRETT) also saw price hikes of 70.2% and 63.5% respectively during the same period.
Interestingly, memecoins related to the US elections, such as MAGA (TRUMP), have experienced significant declines following the conclusion of the presidential race, with TRUMP falling by 72% in the past month.
According to data from Kaito AI, memecoins have captured nearly a quarter of investors’ attention as of November 14th, with one out of every four crypto investors discussing memecoins on various platforms.
In comparison to memecoins, only nine out of the 22 crypto sectors tracked by Artemis managed to outperform the market’s average return of 16% in the last month. The “store of value” sector, which includes tokens like Dash (DASH), Litecoin (LTC), and Monero (XMR), recorded an average gain of 48.2%.
Tokens from first-generation blockchains focused on smart contract functionality, such as Cardano (ADA) and Ethereum Classic (ETC), also performed well, with a 47.1% increase in the past 30 days. Smart contract platforms like Solana (SOL) and Sui (SUI) slightly outperformed the market average with gains of 24.3%.
However, the overall sector’s gains were dampened by lackluster performances from tokens like tomiNet, Celo (CELO), and Optimism (OP), which all saw losses during this period.
On the other hand, tokens related to oracles, decentralized exchanges for perpetual trading, centralized exchanges, and general DeFi applications outperformed the market average, with gains ranging from 19.1% to 24%.
In contrast, tokens from the AI and social sectors experienced negative returns of 1.6% and 4.6% respectively. The data availability sector was the worst-performing sector, plummeting by 14.6% over the last month.
Overall, the cryptocurrency market has seen a diverse range of performances across different sectors, with memecoins standing out as the top performers in recent weeks. Investors will be closely monitoring these trends to make informed decisions in the ever-evolving crypto landscape.