Meme Tokens’ Performance Signals a ‘risk-on’
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The return of meme token hype, after a subdued period, signals a renewed taste for risk on crypto markets. The growth of leaders like Pepe (PEPE) points to a ‘risk-on’ attitude after a period of more fearful trading.
Based on Artemis data, meme tokens are breaking out from more serious narratives once again. During the past monitoring period, leading narratives only posted small-scale losses instead of gains. Meme tokens posted their usual high-level daily gains.
But according to Artemis, the meme token behavior went beyond their usual price swings. The behavior of meme tokens also suggests renewed appetite for risk on the market.
“It’s clear that memes are an indicator of risk-on markets, being so liquidity and attention driven as they are,” commented Artemis analysts in an alpha tip group.
The market cap of meme tokens closely followed the overall market recovery. The assets reacted to increased trading volumes, growing their overall market cap by 25%, to recover to $50B.
Other narratives are still posting small gains, with AI and DePin tokens also enjoying more active appreciation.
AI and DePin are the biggest winners in the last 24 hours pic.twitter.com/OhvhyuZmIF
— Artemis (@artemis__xyz) July 15, 2024
However, according to Dune Analytics, trading older trends and narratives remains risky, especially if the tokens stagnate. Narrative-based tokens slid by nearly 20% in 2024, with small net gains in the past month.
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