Public chains and MEME coins are in high demand.
Written by: Frank, PANews
Since the dust from the U.S. election has settled, the crypto market seems to have entered a money-making mode. On one hand, Bitcoin is rapidly approaching the $100,000 mark, while on the other hand, the heat is first concentrated on MEME coins, and then the strong performance of mainstream altcoins like XRP appears, leading people to realize that the long-awaited altcoin season seems to have truly arrived.
What is the real situation of the market after Trump's victory? Which sectors are the most popular? PANews has conducted a data analysis on spot trading on 289 mainstream exchanges since November 2, interpreting the real dynamics of the market in the past month.
Data explanation: This study analyzes the data of 289 spot trading pairs listed on the OKX exchange. The time range is from November 2 to December 2.
Nearly 60% of tokens increased by more than 100% within the month.
From the overall data, the market has indeed entered a collective rising trend in the past month. The average maximum increase of all tokens reached 166%, meaning almost all tokens have doubled in value. In the analyzed sample, there are 4 tokens with increases exceeding ten times, 11 tokens with increases exceeding five times, and 53 tokens with increases exceeding two times, accounting for 18.3%. The number of tokens with increases exceeding one time reached 171, accounting for 59%. This means that nearly 60% of mainstream tokens have increased by more than one time in the past month.
Top 20 tokens by increase
Among them, the token with the largest increase is OL, a token from the Web3 gaming platform, with an increase of 2784.99%. However, considering that this token was only launched on OKX on November 18, the future trend of this token still needs to be observed.
PNUT, as the hottest MEME coin in November, ranks second with a 2400% increase. However, from the on-chain data of PNUT, its increase should be the highest in the entire network, far exceeding this value. (Related reading: Data interpretation of PNUT's on-chain chips)
Among the tokens that have been issued for a long time, the token with the largest increase is X, benefiting from Musk's comprehensive victory in the election. The name advantage of X saw its largest increase reaching 1746% within a month, becoming the hottest token shortly after the election. However, after the heat subsided, X also experienced a maximum 71% correction. For investors who are keen on speculating on this token, it can be said to have been on a roller coaster ride.
Among the top five increases, there is also a token called DORA, which reached a maximum increase of 1386%, and such an astonishing increase was mostly completed within one day. On November 14, the DORA token surged 13 times in a short period but quickly corrected by 92%. Overall, it has increased by about 130% compared to November 2. The current market value of this token is about $96 million, which is not considered high. Moreover, there seems to be no news in the market explaining the sudden surge.
In the classification of the top 20 tokens by increase, mainstream public chains are still the market's most favored investment targets, accounting for 28.6%. Following that are MEME coins and DeFi projects, each holding a 19% share. Additionally, among the top 20, there are 14.3% related to gaming concepts and 9.5% related to AI concepts.
Gaming, MEME, and the metaverse lead the market.
Which sectors are currently the hottest in the market? From the summarized results, the average maximum increase of tokens related to gaming concepts reached 273.4%, making it the hottest altcoin sector at present. Following that are MEME coins with an average maximum increase of 225%, and the metaverse, Layer1, and social sectors closely follow. The sector with the smallest increase is 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 does not seem to stem from the true heat of the gaming sector, but rather from the newly launched OL and the recently successful hype-driven X, both of which belong to this sector. Excluding these two projects, the true average increase of the gaming sector is about 148%, which is less than the overall increase of Layer1.
Layer1 projects have a high market share; among the 289 spot trading pairs on OKX, there are 66 Layer1-related projects, with 46 of them increasing by more than one time. In the past month, the average maximum increase of these Layer1 projects reached 154%. The top five with the largest increases are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR reached a maximum increase of 679.76%, while the recently popular XLM and XRP increased by 613.59% and 484.31%, respectively. Considering factors such as market value, Layer1 is undoubtedly the most chosen sector for major capital in this round.
The market heat of MEME coins naturally needs no further introduction. This year, while most mainstream altcoins have been silent, MEME has been flying high alongside Bitcoin. However, the overall correction of the MEME sector after reaching its peak is the largest, with an average correction of over 40%. This again reminds people to pay more attention to volatility while chasing profits.
In this set of data, 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 their increases exceeding 200% within a month. Moreover, from the attributes of these projects, as they belong to both gaming and the metaverse, they seem to benefit from the upward trend in related concepts.
However, several hot sectors this year, such as RWA, DePIN, and AI, have shown average market performance recently. Additionally, NFT and fan economy projects have performed at the bottom during this round of increases, and it seems difficult for NFTs to recreate the brilliance of the last bull market.
