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Memecoin gains outpaced the average returns of the cryptocurrency market by six times in the last month.
Memecoins have achieved average returns of 103% in the last 30 days, significantly surpassing the crypto market‘s average return of 16.1%, as reported by data from Artemis.
Among the 19 memecoins monitored by Artemis during this timeframe, Dogecoin (DOGE) and Pepe (PEPE) exhibited the most substantial increases, with gains of 196.1% and 115%, respectively. Additionally, PEPE’s “beta play” PepeCoin also experienced a notable rise, gaining 121.1%.
In contrast, Bonk (BONK), which is based on Solana, increased by 70.2%, while Brett (BRETT) from Base saw a price rise of 63.5% during the same period.
It is important to note that several memecoins associated with the US elections have declined in value following the conclusion of the presidential race, including MAGA (TRUMP), which dropped 72% over the past 30 days.
As per insights from market platform Kaito AI, memecoins controlled nearly 24% of investors’ attention as of November 14. One in four crypto investors posting on X is engaging in discussions about memecoins.
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When including memecoins, only nine out of the 22 crypto sectors tracked by Artemis outperformed the market’s 16% monthly average return.
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The “store of value” sector, which encompasses tokens such as Dash (DASH), Litecoin (LTC), and Monero (XMR), recorded an average increase of 48.2%.
Tokens from first-generation blockchains that focus on smart contract capabilities, including Cardano (ADA) and Ethereum Classic (ETC), closely followed with a rise of 47.1% over the past 30 days.
Meanwhile, smart contract platforms like Solana (SOL) and Sui (SUI) achieved average gains of 24.3%, slightly exceeding the market’s average return.
The overall sector’s relatively modest gains, despite strong performances by SOL and SUI, are mainly attributed to the underwhelming results of other tokens in the index, such as tomiNet, Celo (CELO), and Optimism (OP), all of which reported losses during this period.
Tokens associated with oracles, decentralized exchanges for perpetual trading, centralized exchanges, and general DeFi applications also outperformed the market’s average, rising 19.1%, 24%, 20.9%, and 20.3%, respectively.
Conversely, the real-world assets (RWA) sector aligned with the market average, achieving a combined gain of 16.8%.
On the downside, tokens from the AI and social sectors experienced declines of 1.6% and 4.6%.
Additionally, the data availability sector plummeted by 14.6% over the past 30 days, marking it as the worst performer during this timeframe.
The post Memecoin returns were 6x higher than crypto market average over past 30 days appeared first on CryptoSlate.
