Public chains and MEME are highly popular.
Written by: Frank, PANews
Since the dust has settled on the U.S. elections, 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 initially focused on MEME has shifted with the strong performance of mainstream altcoins like XRP, leading people to realize that the long-awaited altcoin season may have truly arrived.
What is the real market situation after Trump's victory? Which sectors are the most sought after? PANews conducted a data analysis of spot trading on 289 mainstream exchanges from November 2 to December 2 to interpret the real dynamics of the market over the past month.
Data Explanation: This study analyzes data from 289 spot trading pairs launched on the OKX exchange. The time frame is from November 2 to December 2.
Nearly 60% of tokens doubled in value within the month
From the overall data, the market has indeed entered a phase of collective growth over the past month. The average maximum increase of all tokens reached 166%, meaning almost all tokens have more than doubled in value. Among the analyzed samples, there are 4 tokens with increases over ten times, 11 tokens with increases over five times, and 53 tokens with increases over two times, accounting for 18.3%. The number of tokens that increased over one time reached 171, accounting for 59%. This means nearly 60% of mainstream tokens have increased by more than 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 saw an increase of 2784.99%. However, considering that this token was only launched on OKX on November 18, its future performance remains to be observed.
PNUT, as the hottest MEME coin in November, ranks second with a 2400% increase, but if we look at the on-chain data for 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 long-established tokens, the one with the largest increase is X, which benefited from Musk's comprehensive victory in the elections. With its name advantage, X saw a maximum increase of 1746% within a month and briefly became the hottest token after the elections. However, after the heat subsided, X also experienced a maximum correction of 71%. For investors keen on speculating on this token, it has 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 a remarkable increase was mostly completed within one day. On November 14, the DORA token briefly surged 13 times but quickly corrected by 92%, currently showing an overall increase of about 130% since November 2. The current market cap of this token is approximately $96 million, which is not considered high. Moreover, 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 are still the most favored investment targets, accounting for 28.6%, followed by MEME coins and DeFi projects, each holding a 19% share. Additionally, 14.3% of the top 20 are gaming concepts and 9.5% are AI concepts.
Gaming, MEME, and the Metaverse lead the market
Which sectors are currently the hottest in the market? From the summarized results, tokens related to gaming concepts have an average maximum increase of 273.4%, making it the hottest altcoin sector at present. Following closely are MEME coins, with an average maximum increase of 225%, and the Metaverse, Layer 1, and social sectors trailing behind. The sector with the smallest increase is the fan economy sector (tokens themed around various football teams or clubs), which only saw an increase of 85%.
However, in the analysis, PANews found that the leading increase in the gaming sector does not seem to stem from the genuine popularity of gaming but rather from the newly launched OL and the recently successful X. Excluding these two projects, the true average increase of the gaming sector is about 148%, which is less than the overall increase of Layer 1.
Layer 1 projects have a high market share, with 66 Layer 1-related projects among the 289 spot trading pairs on OKX, of which 46 have increased by more than 100%. Over the past month, these Layer 1 projects have achieved an average maximum increase of 154%. The top five with the largest increases are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR saw a maximum increase of 679.76%, while the recently popular XLM and XRP increased by 613.59% and 484.31%, respectively. Considering factors like market cap, Layer 1 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 have been quiet for a long time, MEME has consistently soared alongside Bitcoin. However, the overall correction of the MEME sector after reaching its peak has been the largest, averaging over 40%. This serves as a reminder that while chasing after gains, one should also pay attention to volatility.
Among this set of data, it may be surprising that the performance of the Metaverse is particularly outstanding. 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 maximum increases exceeding 200% within a month. Moreover, given that these projects belong to both gaming and the Metaverse, they seem to benefit from a synergistic effect when related concepts rise.
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 poorly in this round of increases, suggesting that it may be challenging for NFTs to replicate the glory of the previous bull market.
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