✅ ✅ Memecoins outperform Bitcoin $BTC : Is the spotlight shifting ?
* Memecoins have been the talk of the town this bull run and have performed well since late February.
* There’s an allure to these tokens that solve nothing but still attract thousands of investors.
Memecoins have captured the public imagination and attention during this bull run, at least so far. Crypto analyst Joao Wedson pointed this out recently in a post on X
In terms of price percentage change, memecoins have had the upper hand recently.
Does this mean memecoins are taking the spotlight away from Bitcoin? Will the public attention and capital inflows to the meme markets significantly impact Bitcoin’s demand?
However, from a market capitalization standpoint, memecoins are a tiny fraction of Bitcoin’s size. Since the dip on the 1st of May, Bitcoin has added $233 billion to its market capitalization.
The chart above showed that the social volume of Bitcoin (cyan) was 3135 on the 26th of May compared to 350 (yellow) for PEPE.
This is just one memecoin, not the whole sector, but the difference is still enormous considering PEPE $PEPE gained 75% last week and is one of the hotly discussed memes online.
Therefore, social media engagement was still in favor of Bitcoin. Additionally, the derivatives and spot market of Bitcoin are likely too big for memecoins to meaningfully chip away at.
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