Memecoins
WIF and PEPE DOGE dominate while memecoins rise 114%: what will be the next step?
- The Memecoin sector shows massive growth year-to-date, outpacing all competitors.
- DOGE, WIF and PEPE see a decline in social activity.
The memecoin space has seen the highest growth across all cryptocurrency sectors. According to recent data provided by Artemis, the sector is growing by 114% year to date.
Memecoins dominate
The popularity and growth of WIF, PEPE, and DOGE have had a lot to do with the growth of the memecoin industry. Notably, this sector has beaten centralized exchange tokens, DePIN tokens, and even AI tokens.
Source: Artemis
However, things may get worse for these memecoins in the future.
Analysis of Santiment data by AMBCrypto revealed that WIF and DOGE social volume has decreased significantly over the past month. A drop in popularity could mean a drop in the price of these tokens.
As other memecoins like TRUMP and BODEN start to take center stage on social media platforms, tokens like WIF and DOGE risk losing market share.
These memecoins should regain popularity on social networks to keep their price momentum positive.
PEPE, on the other hand, has seen a spike in social volume in recent days, which suggests that it has managed to stay relevant on social media platforms despite other competitors in the market.
Source: Santimento
In terms of sentiment, a similar pattern was observed. Weighted sentiment for WIF and DOGE decreased substantially, indicating that criticism of these tokens on social media platforms was increasing.
However, PEPE continued to show steady growth in this department, indicating that the overall outlook around the memecoin was positive.
Source: Santimento
Looking at the data
In terms of network growth, PEPE has also shown improvements in recent days, indicating that new addresses were starting to show interest in the coin.
DOGE has seen an increase in speed over the past few days, implying an increase in transaction frequency, while WIF has observed a similar increase in transaction volume.
Source: Santimento
In terms of price movement, DOGE and PEPE have managed to achieve positive results in the last week. However, WIF, the new entrant to the market, failed to do so.
PEPE recorded growth of 14.98% in the past week, while DOGE increased by 3% in the same period. WIF, on the other hand, saw a 10% decline during this period.
Source: Santimento