Since the dust settled on the 2024 US presidential election, the crypto market has entered a strong upward trend. Bitcoin (BTC) has broken through and is approaching the $100,000 mark, and the popularity of altcoins has also rebounded significantly. The performance of MEME coins, Layer1 public chains, games and the metaverse is particularly outstanding. Recent market data shows that the altcoin market has truly returned, and investors' enthusiasm has begun to turn to these long-dormant projects.

Market data: Most tokens rose by more than 100%

According to PANews data on 289 spot trading pairs on the OKX exchange between November 2 and December 2, nearly 60% of mainstream tokens rose by more than 100% during this period. Overall, the average maximum increase for all tokens is as high as 166%. Among these tokens, 4 have increased by more than ten times, 11 have increased by more than five times, and 53 tokens have increased by more than twice, accounting for 18.3%. This shows that the crypto market has entered a general rise in the past month, and investors' enthusiasm for risky assets has increased significantly.

MEME coin and public chain track lead the market

Among all sectors, MEME coins and public chain (Layer1) projects performed particularly well. MEME coins, especially PNUT, became the hottest tokens in November with a nearly 2,400% increase. Although its increase is extremely amazing, it also reflects the market's attention to this type of highly hyped assets. In addition, the public chain track has also won the favor of mainstream investors, especially Layer1 public chain projects such as XRP, XLM, HBAR, etc., which performed strongly. XRP's increase reached 484%, XLM increased by 613%, and HBAR set an amazing increase of nearly 680%.

In terms of categories, public chain projects accounted for 28.6%, followed by MEME coins and DeFi projects, each accounting for 19%. This shows that public chains and MEME coins are still the tracks that investors pay the most attention to.


Games and the Metaverse: Dual engines driving the market

In addition to MEME coins and public chains, games and the metaverse have also received strong attention from the market recently. According to data, game-related tokens have seen the largest increase, with an average increase of 273.4%. Among them, the OL token of the Web3 game platform has become the token with the largest increase with a 2784% increase. However, excluding these newly launched tokens, the overall increase in the game sector is about 148%. Relatively speaking, the increase in the Layer1 public chain track is more stable.

The concept of the Metaverse also performed strongly, with tokens of several well-known projects such as SAND, VRA and MANA recording a growth of more than 200% in one month, showing that the market's enthusiasm for the Metaverse remains unabated. It is worth noting that many Metaverse projects also involve gaming elements, and with the superposition effect of the concepts, the performance of these tokens has become more eye-catching.


Risk of callback: MEME coin and fan economy are under pressure

Although the crypto market is showing a general upward trend, the volatility of altcoins cannot be ignored. MEME coins and fan economy tokens have the largest pullbacks, and many projects have experienced sharp fluctuations in a short period of time. The overall pullback of MEME coins is also over 40%, which once again reminds investors that the high returns of altcoins are accompanied by higher risks.

In addition, the increase and callback of fan economy tokens are relatively small, and the market's enthusiasm for such tokens seems to be relatively cold. Although MEME coins and fan economy are the focus of investor sentiment in the short term, we should also be wary of their volatility risks.

Layer1 public chain: stability and growth potential coexist

Unlike the high volatility of MEME coins and fan economy, Layer1 public chain projects have performed relatively stably in the recent market. Although some tokens have risen by hundreds of percentage points, the callback is generally small. The average callback of Layer1 projects is less than 20%, and the trend is relatively stable. Therefore, Layer1 public chain is undoubtedly the main force in this round of altcoin market. While being sought after by funds, it also shows strong growth potential.


Judging from the market data of the past month, the altcoin season has indeed returned. The popularity of tracks such as MEME coins, games, metaverse, and Layer1 public chains has continued to rise, especially the strong market of public chain projects and MEME coins, which have attracted a large influx of funds. However, the volatility of altcoins is still large, and the risk of short-term correction cannot be ignored. Investors need to remain cautious while pursuing high returns.

The current strong performance of the crypto market and the inflow of funds indicate that the spring of altcoins may have arrived. In the future, public chain projects and MEME coins will still be the focus of the market, and with the influx of more funds, the prosperity of the altcoin market will continue to drive the entire crypto market forward.


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