- Memecoins sector shows massive growth year to date, outperforming all competitors.
- DOGE, WIF and PEPE see a decline in social activity.
The memecoin space has seen the highest growth across all crypto sectors. According to recent data provided by Artemis, the sector is up by 114% YTD.
Memecoins dominate
The popularity and growth of WIF, PEPE and DOGE has had a lot to do with the growth of the memecoin sector. Notably, this sector beat Centralized Exchange tokens, DePIN tokens, and even AI tokens.
Source: Artemis
However, things could take a turn for the worse for these memecoins in the future.
AMBCrypto’s analysis of Santiment’s data revealed that the social volume for WIF and DOGE had declined significantly over the past month. A fall in popularity could mean a fall in price for these tokens.
As other memecoins such as TRUMP and BODEN begin taking center stage on social media platforms, tokens such as WIF and DOGE risk losing market share.
These memecoins would need to regain popularity on social networks to keep their price momentum positive.
PEPE, on the other hand, did witness a spike in Social Volume over the past few days, which suggested that it had managed to stay relevant on social media platforms despite other entrants in the market.
Source: Santiment
In terms of sentiment, there was a similar pattern observed. The Weighted Sentiment for WIF and DOGE declined materially, indicating that criticisms of these tokens across social media platforms were on the rise.
However, PEPE continued to show consistent growth in this department, indicating that the overall perspective around the memecoin was positive.
Source: Santiment
Looking at the data
In terms of network growth, PEPE showed improvements as well over the last few days, indicating that new addresses were starting to show interest in the coin.
DOGE saw a surge in velocity over the last few days, implying an uptick in the frequency of transactions, whereas WIF observed a similar uptick in terms of transaction volume.
Source: Santiment
In terms of price movement, over the last week, DOGE and PEPE have managed to perform positively. However, WIF, the newer entrant in the market, has failed to do so.
PEPE witnessed a growth of 14.98% over the past week, whereas DOGE surged by 3% during the same period. WIF, on the other hand, saw a decline of 10% during this period.
Source: Santiment
