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During the last 24 hours, the club of the most important of the so-called memecoins shows red numbers in its performance. The latter occurs despite recent recovery attempts between these currencies. Since mid-November, the meme token rally has lost considerable momentum even though its numbers remain positive.
Throughout 2024, this particular sector was at the forefront of Cryptocurrency market returns, even during times of Bitcoin stagnation. The so-called fever kept memecoins as the most followed asset among analysts and investors. However, since Donald Trump’s victory in the US it seems that some things have changed.
Now, crypto investors seem to shift their preferences towards assets with better fundamentals. This means that speculation and raw volatility of meme tokens is not as attractive as it was mid-year. Thus, other rival sectors now have the advantage over parody coins, especially in recent weeks.
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As already mentioned, this is not to say that the performance of the major memecoins is bad. On the contrary, its green numbers are outstanding; However, what is striking is that these are numbers that are far below what they had shown this year. As reflected by Artemis data, AI, DeFi and Gaming tokens have performed better than memes in the last 7 days.
Memecoins were not the dominant force in the crypto market in the last week. Source: Artemis
Memecoins lose ground to rival tokens
As shown by data from specialized portals such as CoinMarketCap, the main memecoins once again fell in 24 hours. Consequently, the retreat is already beginning to take its toll on weekly profits. Thus, among the top 10 of the largest meme coins, all of them have red numbers in 24 hours. Meanwhile, in the weekly period only 4 of them maintain positive numbers.
Overall, in these 7 days ending this Monday, the performance of meme coins shows +7.9%. Although these are green numbers, they do not come close to the returns of a sector that remained in the top positions. It is likely that it is a temporary reflux and a new fever breaks out.
In any case, within a week, token sectors like Store of Value take their place with +77.5%. Meanwhile, AI tokens also surpass it with +24.5% and even the performance of Ethereum (ETH) is very close to them with +7.1%.
Although the market capitalization of memecoins is very close to $119 billion, this is a growth that relies almost exclusively on the rise of Dogecoin. If it weren’t for the performance of this token, the numbers in the memecoin sector would be much lower.
In any case, one should not lose sight of the fact that this is a dynamic sector that has very fanatical communities. This means that no one should be surprised if a new meme rally sees the sector regain the lead among crypto capital preferences.
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