Have memecoins lost their hype? Dogecoin, PEPE, and more!
DOGE's social dominance climbed to its highest level in almost 18 months on 13 November.
- Dogecoin and PEPE were the best performing memecoins among the top four in the sector over the past month
- The memecoin market shed 16% while the altcoin market as a whole grew by 22% since mid-November
The memecoin market had a strong start to November and grabbed headlines and public interest. In fact, the market cap of the sector jumped from $55 billion to $116 billion within just ten days from 04 November to 14 November.
When did Dogecoin begin to drop in popularity?
The memecoin market has faded noticeably since mid-November. Dogecoin [DOGE], the largest and most well-known among its brethren, has not been able to post a new high even when Bitcoin [BTC] pushed to $108k.
Thus, AMBCrypto analyzed the social dominance of these two against each other, as well as Ethereum [ETH], the world’s largest altcoin. Especially since it has had its own struggles on the price chart in recent weeks.
DOGE’s social dominance climbed to its highest level in almost 18 months on 13 November. Since then, it has trended south, reflecting the memecoin market’s reception by participants.
Memes have gone backwards, while altcoins try to hold their ground
The TOTAL2 mcap underlines the total market capitalization, excluding Bitcoin. It retraced to levels it was at in the final week of November after the recent market-wide sell-off. A recovery might be on the way.
Since 14 November, the altcoin mcap has grown by 22%. Despite the latest drop in its figures.
On the other hand, the memecoin market cap has fallen by 16% from 14 November. It had receded from $116 billion to $100 billion, at press time. Together, with the social dominance metric, the numbers highlighted how the memes have been outperformed by the rest of the altcoin market over the past month.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
Among the top four memecoins, Dogecoin and Pepe [PEPE] have been the best performers since November, even after the recent volatility. It underlined the idea that the top altcoins hold the most market share and remain steady growth options for investors.
