Article source: Frank
Author: Frank, PANews
Since the dust has settled on the U.S. election, the crypto market seems to have entered a money-grabbing mode. On one side, Bitcoin is surging toward the $100,000 mark, while the heat first concentrated on MEME and then shifted to strong performances in mainstream altcoins like XRP, indicating that the long-awaited altcoin season might truly be upon us.
What is the real market situation after Trump's victory? Which sectors are most favored? PANews conducted a data analysis of spot trades on 289 mainstream exchanges since November 2, interpreting the real dynamics of the market over the past month.
Data Description: This study analyzes the data from 289 spot trading pairs launched on OKX. The time frame is from November 2 to December 2.
Nearly 60% of tokens increased by over 100% within the month.
From the overall data, the market has indeed entered a phase of collective increase over the past month. The average maximum increase for all tokens reached 166%, meaning almost all tokens have doubled in value. Among the analyzed samples, there are 4 tokens with increases over ten times, and 11 tokens with increases over five times. There are 53 tokens with increases over two times, accounting for 18.3%. The number of tokens with increases over one time has reached 171, accounting for 59%. This means nearly 60% of mainstream tokens have increased over 100% in the past month.
Top 20 Tokens by Increase
Among them, the token with the largest increase is OL, a token from a Web3 gaming platform, which reached an increase of 2784.99%. However, considering that this token only went live on OKX on November 18, its future performance remains to be seen.
PNUT, as the hottest MEME coin in November, ranks second with a 2400% increase, but based on data from the PNUT chain, its increase should be the highest across the entire network, far exceeding this value. (Related reading: Data Interpretation of PNUT's On-Chain Chips)
Among the long-issued tokens, the one with the highest increase is X, benefiting from Musk's comprehensive victory in the election. With its name advantage, X saw a maximum increase of 1746% within a month, becoming the hottest token post-election. However, after the surge, X also experienced a maximum correction of 71%. For investors keen on speculation in this token, it's been quite a rollercoaster ride.
Among the top five increases, there is also the DORA token, which achieved a maximum increase of 1386%, and such astonishing growth mostly occurred in just one day. On November 14, the DORA token briefly surged 13 times but quickly corrected by 92%. Overall, it has risen about 130% since November 2. The current market capitalization of this token is about $96 million, which isn't particularly high. Moreover, there seem to be no explanations for this sudden surge in the market.
Among the top 20 tokens by increase, mainstream public chains remain the most favored investment targets, accounting for 28.6%. Following are MEME coins and DeFi projects, each holding 19%. Additionally, 14.3% of the top 20 are gaming concepts and 9.5% are AI concepts.
Gaming, MEME, and Metaverse Lead the Market
Which sectors are currently the hottest on 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 are MEME coins with an average maximum increase of 225%, and Metaverse, Layer 1, and social sectors closely behind. The smallest increase is seen in the fan economy sector (tokens themed around various football teams or clubs) at only 85%.
However, in the analysis, PANews found that the leading increase in the gaming sector seems not to stem from the sector's true heat, but rather from the newly launched OL and the previously hyped X, both of which belong to this sector. Excluding these two projects, the actual average increase for the gaming sector is about 148%, which is less than the overall increase of Layer 1.
Layer 1 projects hold a high market share in mainstream markets. Among the 289 spot trading pairs on OKX, there are 66 Layer 1-related projects, with 46 of them showing increases exceeding 100%. In the past month, the average maximum increase for these Layer 1 projects reached 154%. The top five with the largest increases are: HBAR, XLM, XRP, ALGO, CSPR. Among them, HBAR's maximum increase reached 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 favored track for main capital in this round.
The market popularity of MEME coins needs no further introduction. This year, while most mainstream altcoins were quiet, MEME has been flying high alongside Bitcoin. However, the overall correction in the MEME sector after reaching its peak has been the largest, averaging over 40%. This serves as a reminder that while chasing gains, one should also pay attention to volatility.
Among this set of data, the performance of the Metaverse is particularly eye-catching. Excluding MEME coins, the overall real increase of the Metaverse should be the largest, averaging 165.2%. Some well-known Metaverse projects like SAND, VRA, and MANA saw maximum increases exceeding 200% within a month. Moreover, based on the attributes of these projects, they belong to both gaming and Metaverse, thus appearing to benefit from the upward trend in related concepts.
However, several hot sectors this year, such as RWA, DePIN, and AI, have recently shown average performance. Meanwhile, NFT and fan economy projects have performed the worst in this round of increases, making it seem quite difficult for NFTs to recreate the brilliance of the last bull market.
MEME, Social, and Fan Economy Have the Largest Corrections
Finally, let's pay attention to the overall market's correction intensity. Although the overall market is performing well, it often means greater volatility. PANews has compiled the correction magnitude of these tokens after reaching their peaks. From the overall data, 25 projects have experienced corrections of over 50% after hitting their peaks. The tokens with the largest corrections include: DORA (92%), MORPHO (88%), MEMEFI (83%), RADAR (78%), and DEP (77%).
In the proportion of the 25 tokens with the largest corrections, MEME coins, DeFi, and gaming-related tokens have the highest shares, each accounting for 20%.
From the overall sector situation, MEME, social, and fan economy have the largest corrections, occupying the top three positions with corrections of 40%, 38%, and 36%, respectively. From this perspective, the performance of fan economy tokens is hard to describe, having the smallest increase while also ranking high in corrections. Relatively speaking, in terms of correction magnitude, Layer 2, RWA, and Layer 1 have the smallest corrections, averaging less than 20%, showing relatively stable trends.
Has the Altcoin Season Really Arrived? Perhaps this question can now receive a relatively affirmative answer. PANews found that although the market dynamics of BTC, SOL, and ETH have always attracted attention in the past month, based on real data performance, BTC's maximum increase ranks 273rd among all tokens, ETH 260th, and SOL 242nd, which is among the lowest increases in the market. Those formerly dominant altcoin stars that have long been sidelined in public discourse seem to be quietly returning in another way.
