CandleFocus Memecoin returns were 6x higher than crypto market average over past 30 days
2024-11-16
Author: Content Editor
Memecoins, including Dogecoin and Pepe, have seen significant gains over the past 30 days, with average returns of 103%, compared to the crypto market's average return of 16.1%, according to Artemis. However, memecoins associated with the US elections, like MAGA, have experienced a decline. Only nine out of the 22 crypto sectors tracked by Artemis outperformed the market's average return, with the "store of value" sector and first-generation blockchain native tokens performing well. Smart contract platforms, like Solana and Sui, slightly outperformed the market. Tokens related to oracles, DEXs, centralized exchanges, and DeFi applications also performed above the average, while the AI and social sectors had negative variations. The data availability sector experienced the worst performance, with a decline of 14.6% over the period.
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