Memecoins
Which sector is outperforming and why?
In the context of the ongoing cryptocurrency bull cycle this year, apart from Bitcoin becoming the most discussed topic due to its halving, the positive momentum was further carried by meme coins and AI and Big Data coins. These sectors have attracted investor attention in recent days, mainly due to a variety of bullish market factors. Interestingly, the most asked question among cryptocurrency traders and investors is the potential that the meme and AI coin sector has to offer. Here is a collective overview of which of the above-mentioned crypto sectors are currently outperforming and why.
The battle between memes and AI cryptocurrencies
Amid the BTC halving frenzy seen this year, the largest cryptocurrency market has seen significant upward momentum, with prices continuing to rise today. This market pressure has led to notable gains in both the meme and AI sectors, offering investors promising returns on their investments.
However, by analyzing market statistics in depth, one can see that one sector seems to have emerged more prominently than the other on the radars of cryptocurrency market traders and investors.
Meme coins take the lead
With a market capitalization of $57.89 billion, the meme coin sector undermines the $43.17 billion market capitalization of artificial intelligence and big data tokens. Additionally, the trading volume for meme tokens stood at $9.17 billion, while the trading volume for AI tokens stood at $3.31 million. This data highlights growing investor interest in the meme coin sector, with greater upside momentum.
In particular, the meme coin sector has shown the potential to offer investors greater ROI (return on investment) this year, as demonstrated by the phenomenal price increases of the major meme coins, DOGE, SHIB and PEPE. This was reported by CoinGape Media PEPE scored a new ATH this year while maintaining its bullish momentum, highlighting sizable profits grabbed by whales and smart money directions. At the same time, DOGE and SHIB have also risen significantly, with yearly charts showing gains of 100%-200%. This has fueled immense optimism about the potential of meme coins to offer gains in near-term prospects.
AI coins right behind
However, artificial intelligence and big data tokens also appear to have unprecedented benefits in the pipeline. The recent surge in adoption and growth of TO THE (artificial intelligence) worldwide presents itself as a highly optimistic factor for this cryptocurrency sector.
Meanwhile, Nvidia, the AI technology giant whose equity investors are eyeing to directly value AI-powered crypto tokens, is continuing to solidify its position in the AI industry. With Nvidia stock target prices taken to unprecedented levels, an optimistic hue for AI tokens hovers over the market. Additionally, recent reports highlight Nvidia’s plans to partner with Dell to further expand AI efforts.
This continues to paint a bullish scenario Long-term prospects of AI-based tokens beyond the cryptographic horizon. However, as previously mentioned, meme coins are much higher on investors’ radars, potentially due to their high short-term ROI.
As also mentioned by famous crypto market analyst Miles Deutscher, PEPE and WIF, a Solana-based meme coin, are potentially two of the best R/R positions in this bull cycle. R/R refers to the risk/return ratio, a measure used to evaluate the potential return of an investment relative to its risk.
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Top Meme and AI tokens with today’s price movements
Dogecoin (DOGE), the largest meme cryptocurrency by global market capitalization, has gained 8.03% over the past 24 hours and is currently trading at $0.1645. Today Shiba Inu (SHIB) is trading at $0.00002562, up 6.28%. Pepe Coin (PEPE) stands at $0.00001118, with an increase of 18.58%.
On the other hand, NEAR Protocol (NEAR) increased by 3.70% in the last 24 hours and stands at $8.21. Render (RNDR) rose 10.81% to $11.20. On the other hand, The Graph (GRT) rallied 10.66% to $0.3455.
Read also: That’s why the price of Ethereum (ETH) is rising heavily today