Author: Frank, PANews
Since the dust of the US election has settled, the crypto market seems to have entered a money-making mode. Bitcoin has skyrocketed towards the $100,000 mark, while enthusiasm first concentrated on MEME, and then appeared with the strong market of mainstream altcoins like XRP, leading people to realize that the long-awaited altcoin season seems to have truly arrived.
What is the true market situation after Trump's victory? Which tracks are the most sought after? PANews analyzed the spot trading of 289 mainstream exchanges since November 2 to interpret the real dynamics of the market in the past month.
Data explanation: This study analyzes the data from 289 spot trading pairs launched on the OKX exchange. The time range is from November 2 to December 2.
Nearly 60% of tokens increased by more than double in a month.
From the overall data, it is clear that the market has indeed entered a collective upward trend in the past month. The average maximum increase of all tokens reached 166%, meaning almost all tokens increased by more than double. In the analyzed sample, there are 4 tokens with increases over ten times, 11 tokens with increases over five times, and 53 tokens with increases over two times, accounting for 18.3%. The number of tokens with increases over one time reached 171, accounting for 59%. This means that nearly 60% of mainstream tokens increased by more than double in the past month.
Top 20 tokens by increase
Among them, the token with the largest increase is the OL token of the Web3 gaming platform, which reached an increase of 2784.99%. However, considering that this token was only launched on OKX on November 18, its future performance remains to be observed.
PNUT, as the hottest MEME coin in November, ranks second with a 2400% increase. However, looking at the on-chain data of PNUT, its increase should rank first across the entire network, far exceeding this figure. (Related reading: Data Interpretation of PNUT's On-chain Chips)
Among the long-released tokens, the one with the largest increase is X, benefiting from Musk's comprehensive victory in the election. With the advantage of its name, X reached a maximum increase of 1746% within a month and briefly became the hottest token after the election. However, after the excitement faded, X also experienced a maximum pullback of 71%. For investors keen on speculating on this token, it was like riding a roller coaster.
Among the top five tokens with the largest increases is the DORA token, which reached a maximum increase of 1386%, and such an astonishing increase was basically completed within one day. On November 14, the DORA token surged 13 times in a short period, but quickly pulled back by 92%, currently showing an overall increase of about 130% compared to November 2. The current market value of this token is approximately $96 million, which is not high. Furthermore, there seems to be no news in the market explaining the reason for this sudden surge.
In terms of the classification of the top 20 tokens by increase, mainstream public chains are still the most favored investment targets in the market, accounting for 28.6%, followed by MEME coins and DeFi projects, each holding a 19% share. Additionally, among the top 20, 14.3% are gaming concepts and 9.5% are AI concepts.
Gaming, MEME, and the metaverse lead the market.
Which sectors are the hottest tracks in the market right now? From the aggregated results, tokens related to gaming concepts had an average maximum increase of 273.4%, making them the hottest altcoin tracks at the moment. Following closely are MEME coins, with an average maximum increase of 225%, while sectors like the metaverse, Layer 1, and social media follow thereafter. The sector with the smallest increase is the fan economy sector (tokens themed around various football teams or clubs), which is only 85%.
However, in the analysis, PANews found that the leading increase in the gaming sector does not seem to stem from its genuine popularity, but rather from the newly launched OL and the recently successful X, which both belong to this sector. Excluding these two projects, the real average value of the gaming sector is about 148%, which is less than the overall increase of Layer 1.
The proportion of Layer 1 projects in the mainstream market is quite high. Among the 289 spot trading pairs on OKX, there are 66 Layer 1 related projects, with 46 of them seeing increases exceeding double. Over the past month, these Layer 1 projects have achieved an average maximum increase of 154%. The top five with the largest increases are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR saw a maximum increase of 679.76%, while the recently popular XLM and XRP increased by 613.59% and 484.31%, respectively. Considering factors like market capitalization, Layer 1 is undoubtedly the most selected track for this round of major funds.
The market popularity of MEME coins naturally needs no further introduction. This year, during the majority of the time when mainstream altcoins were dormant, MEME has been soaring alongside Bitcoin. However, the overall pullback of the MEME sector after reaching its peak has been the largest, averaging over 40%. This also serves as a reminder to pay attention to volatility while speculating.
Among this data set, what may be surprising is the outstanding performance of the metaverse. Excluding MEME coins, the overall real increase of the metaverse should be the largest, averaging 165.2%, with several well-known metaverse projects like SAND, VRA, and MANA seeing maximum increases exceeding 200% within a month. Additionally, given that these projects belong to both gaming and the metaverse, they seem to benefit from a ripple effect when related concepts surge.
However, several hot tracks this year, such as RWA, DePIN, and AI, have shown average market performance recently. Additionally, NFT and fan economy projects have performed poorly in this round of increases, making it seem very difficult for NFTs to replicate the glory of the previous bull market.
MEME, social media, and fan economy have the largest pullback amplitudes.
Finally, let's take a look at the overall market's pullback intensity. Although the overall market is improving, it often also means greater volatility. PANews has compiled the pullback amplitudes of these tokens after reaching their peaks. From the overall data, 25 projects experienced pullbacks of over 50% after reaching their peaks. The tokens with the largest pullbacks include: DORA (92%), MORPHO (88%), MEMEFI (83%), RADAR (78%), and DEP (77%).
Among the 25 tokens with the largest pullbacks, MEME coins, DeFi, and gaming-related tokens have the highest proportion, each accounting for 20%.
From the overall situation of the sectors, MEME, social media, and fan economy have the largest pullback amplitudes, reaching 40%, 38%, and 36% respectively. From this perspective, the performance of fan economy tokens can be described as unsatisfactory, showing the smallest increase while also ranking high in pullback amplitude. In contrast, Layer 2, RWA, and Layer 1 had the smallest pullbacks, averaging less than 20%, showing relatively stable trends.
Has the altcoin season really arrived? Perhaps this question can already be answered relatively affirmatively. PANews found that although the market dynamics of BTC, SOL, and ETH have recently attracted attention, in terms of actual data performance, BTC's maximum increase ranks 273rd among all tokens, ETH is 260th, and SOL is 242nd, making them among the tokens with the smallest increases in the market. Meanwhile, those once-celebrated altcoin stars that are no longer dominant in public opinion seem to be quietly returning in a different way.
