Memecoins Outshine Crypto Market with 103% Gains in a Month
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Over the past month, memecoins have outperformed the broader cryptocurrency market with an average return of 103%, far exceeding the market’s 16.1%, according to Artemis.
Dogecoin (DOGE) and Pepe (PEPE) led the surge, gaining 196.1% and 115%, while PepeCoin rose 121.1%. Solana-based Bonk (BONK) and Base’s Brett (BRETT) also saw significant gains.
In contrast, election-related memecoins like MAGA (TRUMP) tumbled, with a 72% loss.
~50% of all narrative mindshare is AI & Memes. pic.twitter.com/MGmNKxIphQ
— Kaito AI 🌊 (@_kaitoai) November 14, 2024
Insights from Kaito AI showed memecoins dominating 24% of crypto discussions on X. Meanwhile, the “store of value” sector, including Dash (DASH) and Litecoin (LTC), posted a 48.2% average return, followed by smart contract-focused blockchains like Cardano (ADA) with 47.1%. Solana (SOL) and Sui (SUI) managed gains of 24.3%, slightly above the market average.
Other sectors such as oracles, DEXs, and DeFi also outperformed, while AI and social tokens fell 1.6% and 4.6%, respectively. The worst performance came from the data availability sector, which dropped 14.6%.
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