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Have memecoins lost their hype? Dogecoin, PEPE, and more!
The memecoin market has seen a noticeable decline in its performance since mid-November. The sector’s market capitalization dropped by 16%, from $116 billion to $100 billion at the time of writing. This stark contrast stands out when compared to the altcoin market, which grew by an astonishing 22%.
As the social dominance of Dogecoin (DOGE) reached its highest level in almost 18 months on November 13th, it has been trending downwards since then. This mirrors the overall sentiment shift within the memecoin market.
The recent price action suggests that investor interest and enthusiasm have shifted away from memecoins and towards other altcoins. A possible explanation for this could be the growing awareness of the decentralized finance (DeFi) sector’s potential for returns, driving investors to focus on more promising opportunities.
DOGE and PEPE’s performance among the top four memecoins stands out as a positive note amidst the downturn. While DOGE and PEPE have lost some ground in recent weeks, they still managed to remain the best performers in their class since November 1st.
It is essential to keep an eye on these assets’ price action and sentiment shifts within the space. As investors adjust their portfolios to accommodate the shifting landscape of memecoins, they must consider that DOGE and PEPE have shown resilience despite recent downturns.
Source: ambcrypto.com
