Memecoin returns were 6x higher than crypto market average over past 30 days

Memecoin returns were 6x higher than crypto market average over past 30 days
фото показано с : cryptoslate.com

2024-11-18 03:00

Memecoins’ have posted average returns of 103% over the past 30 days — over 6x higher than the crypto market’s 16.1% average return, according to data from Artemis.

Dogecoin (DOGE) and Pepe (PEPE) registered the more significant gains among the 19 memecoins tracked by Artemis during the period, growing 196.1% and 115%, respectively. PEPE’s “beta play” PepeCoin also rose significantly, with a 121.1% gain.

Meanwhile, Solana-based Bonk (BONK) climbed 70.2%, while Base’s Brett (BRETT) saw a 63.5% price increase over the period.

Notably, many memecoins connected to the US elections have crashed in the days following the conclusion of the presidential race, including MAGA (TRUMP), which fell 72% over the past 30 days.

According to market insights platform Kaito AI, memecoins controlled nearly 24% of investors’ mindshare as of Nov. 14. One out of four crypto investors posting on X is discussing memecoins.

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Including memecoins, only nine out of the 22 crypto sectors tracked by Artemis beat the market’s 16% monthly average return.

The “store of value” sector, which includes tokens like Dash (DASH), Litecoin (LTC), and Monero (XMR), registered an average gain of 48.2%.

Native tokens of first-generation blockchains focused on smart contract functionality, such as Cardano (ADA) and Ethereum Classic (ETC), trailed closely, leaping 47.1% over the past 30 days.

Meanwhile, smart contract platforms like Solana (SOL) and Sui (SUI) posted average gains of 24.3% and barely outperformed the market’s average return. 

The overall sector’s relatively weaker gains, despite strong performance by SOL and SUI, are primarily the result of the lackluster performance of other tokens in the index, including tomiNet, Celo (CELO), and Optimism (OP) — all of which registered losses over the period.

Tokens related to oracles, DEXs for perpetuals trading, centralized exchanges, and general DeFi applications also beat the market’s average performance, rising 19.1%, 24%, 20.9%, and 20.3%, respectively.

Meanwhile, the real-world assets (RWA) sector performed in line with the market average, recording an aggregated gain of 16.8%.

On the negative performance side, tokens from the AI and social sectors registered negative variations of 1.6% and 4.6%.

Furthermore, data availability sector crashed 14.6% over the past 30 days and was the worst-performing over this period.

The post Memecoin returns were 6x higher than crypto market average over past 30 days appeared first on CryptoSlate.

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