The once popular memecoin market seems to have lost its popularity. Falling from its peak in mid-November, the overall performance of the memecoin market continues to be sluggish, and although Dogecoin (DOGE) and PEPE are still holding their ground, they can't hide the weakness of the entire field. So, has the popularity of memecoin really dissipated?

Memecoin’s “Glorious Moment”: From $55 billion to $116 billion

In early November, the memecoin market ushered in a long-awaited spring. From November 4 to November 14, in just ten days, the market value of the entire market soared from US$55 billion to US$116 billion, becoming the absolute focus of the crypto market. Dogecoin and PEPE performed strongly in this wave of market conditions, sparking heated discussions in the market and on social platforms.

However, after the hype, a cold wind blows. Since mid-November, the market value of meme coins has fallen by 16%, while the overall altcoin market has risen by 22%.

Has the aura of Dogecoin faded?

As a 'veteran' in the meme coin field, Dogecoin (DOGE) has always stood out in the crypto world with its large community and unique culture. However, since mid-November, DOGE's performance has been lackluster, and even with Bitcoin (BTC) briefly soaring to $108,000, DOGE still failed to set a new high.

Data also reveals the changing social influence of Dogecoin. On November 13, DOGE's social dominance reached its highest level in nearly 18 months, but then declined sharply, indicating that market interest in meme coins is cooling off.

Meme Coins VS Altcoins: Who is the market winner?

In stark contrast to the shrinkage of meme coins is the continuous growth of the altcoin market. Since November 14, the market value of altcoins has increased by 22%, while meme coins have declined by 16%. Data shows that the market value of meme coins has dropped from $116 billion to $100 billion, with market share further eroded by more promising altcoins.

Nevertheless, DOGE and PEPE are still relatively outstanding meme coins, especially in this round of volatility, their resilience has been evident. Among the top four meme coins by total market capitalization, DOGE and PEPE have performed most steadily, maintaining the last line of defense in the meme coin sector.

Have meme coins really cooled down?

Current market data indeed raises doubts about whether meme coins have lost their former charm. But don't forget, the crypto market changes rapidly, and meme coins still have their unique market appeal and enthusiastic community support. With changing market sentiment and new hotspots emerging, meme coins may still experience a comeback.

Whether the popularity of meme coins has faded may just be a test of time. Whether DOGE and PEPE can reignite the market remains to be seen.

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