Memecoin market fluctuates violently: DOGE and PEPE lead the trend, but the rally fails to last

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In November, the memecoin market initially performed strongly, with its market value soaring from US$55 billion to US$116 billion in just ten days, becoming the focus of the market. However, the memecoin market has shrunk significantly since mid-November, especially for Dogecoin (DOGE), which has yet to hit a new high despite Bitcoin (BTC) prices breaking through $108,000.

AMBCrypto analyzes the social dominance between DOGE and Ethereum (ETH). DOGE’s social dominance reached an almost 18-month high on November 13 and has since begun to decline, reflecting declining acceptance among memecoin market participants. Since November 14, memecoin’s market value has fallen by 16%, from $116 billion to $100 billion.

Despite this, DOGE and PEPE still perform better among the top four memecoins, and even after the volatility, they still occupy a large market share, highlighting the stability of the top altcoins and investor preference.

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