Author: Frank, PANews
Since the U.S. elections have settled, the crypto market seems to have entered a money-making mode. On one side, Bitcoin is soaring towards the $100,000 mark, while on the other side, the heat is first concentrated on MEME, then followed by strong performances from mainstream altcoins like XRP. People seem to realize that the long-awaited altcoin season has indeed arrived.
What is the real situation of the market after Trump's victory? Which sectors are most sought after? PANews conducted data analysis on spot trading of 289 mainstream exchanges since November 2, analyzing the real dynamics of the market over the past month.
Data description: This study analyzes data from 289 spot trading pairs listed on the OKX exchange. The time range is from November 2 to December 2.
Nearly 60% of tokens rose by more than 100% within the month.
From the overall data, 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 have risen by more than 100%. In the analyzed sample, there are 4 tokens with increases over 10 times, 11 tokens with increases over 5 times, 53 tokens with increases over 2 times, accounting for 18.3%. The number of tokens with increases over 1 time reached 171, accounting for 59%. This means nearly 60% of mainstream tokens have increased by over 100% in the past month.
Top 20 tokens by increase
Among them, the token with the highest increase is the token OL from the Web3 gaming platform, which increased by 2784.99%. However, considering that this token only went live on OKX on November 18, its subsequent trend remains to be observed.
PNUT, as the hottest MEME coin in November, ranked second with a 2400% increase. However, based on data from the PNUT chain, its increase should be the highest in the entire network, far exceeding this value.
Among the long-listed tokens, the one with the highest increase is X, which benefited from Musk's comprehensive victory in the elections. With a name advantage, X reached a maximum increase of 1746% within a month and briefly became the hottest token after the elections. However, after the hype subsided, X also faced a maximum pullback of 71%. For investors keen on speculating on this token, it can be described as a rollercoaster ride.
Among the top five increases, there is also the DORA token, which achieved a maximum increase of 1386%, with such astonishing growth occurring mostly within a day. On November 14, the DORA token surged 13 times briefly but quickly pulled back by 92%. Overall, it has risen about 130% since November 2. The current market cap of this token is approximately $96 million, which is not high. However, there seems to be no news in the market explaining the sudden surge.
In terms of the classification of the top 20 tokens by increase, mainstream public chains remain the most favored investment targets, accounting for 28.6%, followed by MEME coins and DeFi projects, each holding a 19% share. Additionally, among the top 20, 14.3% are game concepts and 9.5% are AI concepts.
Gaming, MEME, and metaverse lead the market.
Which sectors are currently the hottest in the market? From the summarized results, tokens related to gaming concepts achieved an average maximum increase of 273.4%, making them the hottest altcoin sector at present. Following them are MEME coins, with an average maximum increase of 225%, and metaverse, Layer1, social sectors closely behind. 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 a genuine heat in the gaming sector, but rather from the newly launched OL and the previously trending X, both belonging to this sector. Excluding these two projects, the true average of the gaming sector is about 148%, which is less than the overall increase of Layer1.
Layer1 projects hold a high market share among mainstream markets. Among the 289 spot trading pairs on OKX, there are 66 Layer1-related projects, with 46 showing increases over 100%. In the past month, these Layer1 projects achieved an average maximum increase of 154%. The top five tokens with the largest increases are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR's maximum increase reached 679.76%, while the recently popular XLM and XRP achieved maximum increases of 613.59% and 484.31%, respectively. Considering factors such as market capitalization, Layer1 is undoubtedly the sector with the most significant choice of main funds in this round.
The market heat of MEME coins needs no further introduction. This year, while most mainstream altcoins remained dormant, MEME has consistently soared alongside Bitcoin. However, the overall pullback of the MEME sector after reaching its peak is the largest, averaging over 40%. This once again reminds people to pay attention to volatility while chasing profits.
In this set of data, what might be surprising is the exceptional performance of the metaverse. Excluding MEME coins, the overall real increase of the metaverse should be the largest, averaging 165.2%. Notably, several well-known metaverse projects like SAND, VRA, and MANA saw increases exceeding 200% within a month. Moreover, since these projects belong to both gaming and metaverse, they seem to benefit from the upward effect when related concepts rise.
Meanwhile, several hot sectors this year, such as RWA, DePIN, and AI, seem to perform moderately. Additionally, NFT and fan economy projects have performed poorly in this round of increase, suggesting that it is challenging for NFTs to recreate the brilliance of the last bull market.
MEME, social, and fan economy sectors have the largest pullback.
Finally, let's focus on the overall market's pullback strength. Although the overall market is positive, it often means greater volatility. PANews has compiled the pullback levels of these tokens after reaching their peaks. Overall, 25 projects experienced pullbacks of over 50% after peak performance. The tokens with the largest pullbacks include: DORA (92%), MORPHO (88%), MEMEFI (83%), RADAR (78%), and DEP (77%).
Among the 25 tokens that experienced the largest pullbacks, MEME coins, DeFi, and game-related tokens accounted for the highest proportion, each making up 20%.
From the overall situation of the sectors, the pullback of MEME, social, and fan economy ranks in the top three positions, reaching 40%, 38%, and 36%, respectively. From this perspective, the performance of fan economy tokens is indeed hard to describe, with the smallest increase and a significant pullback. In contrast, Layer2, RWA, and Layer1 tokens experienced the least pullback, averaging less than 20%, showing relatively stable trends.
Has the altcoin season truly arrived? Perhaps this question can now receive a relatively affirmative answer. PANews found that although the market dynamics of BTC, SOL, and ETH have been prominent in the past month, in terms of actual data performance, BTC's maximum increase ranks 273rd among all tokens, ETH 260th, and SOL 242nd, making them the lowest performing batch in the market. Meanwhile, those former altcoin stars that no longer dominate public opinion seem to be quietly returning in another way.
