Memecoins
WIF and PEPE DOGE dominate as memecoins surge 114%: what’s next?
- The Memecoin industry is showing massive growth since the start of the year, outperforming all its competitors.
- DOGE, WIF and PEPE see a decline in social activity.
The memecoin space has seen the highest growth of any crypto sector. According to recent data provided by Artemis, the sector is up 114% year to date.
Memecoins dominate
The popularity and growth of WIF, PEPE, and DOGE have a lot to do with the growth of the memecoin sector. Notably, this sector beat Centralized Exchange tokens, DePIN tokens, and even AI tokens.
Source: Artemis
However, things could get worse for these memecoins in the future.
AMBCrypto’s analysis of Santiment data revealed that social volume for WIF and DOGE has declined significantly over the past month. A drop in popularity could cause the price of these tokens to drop.
As other memecoins such as TRUMP and BODEN begin to take center stage on social media platforms, tokens such as WIF and DOGE are at risk of losing market share.
These memecoins would need to regain popularity on social media to maintain positive price momentum.
PEPE, on the other hand, has seen an increase in its social volume over the past few days, suggesting that it has managed to stay relevant on social media platforms despite other market entrants.
Source: Santiment
In terms of sentiment, a similar trend was observed. The weighted sentiment for WIF and DOGE decreased significantly, indicating that criticism of these tokens on social media platforms was increasing.
However, PEPE continued to show steady growth in this department, indicating that the overall outlook around memecoin was positive.
Source: Santiment
Looking at the data
In terms of network growth, PEPE has also shown improvements over the past few days, indicating that new addresses are starting to show interest in the coin.
DOGE has seen an increase in velocity over the past few days, implying a slight increase in transaction frequency, while WIF has observed a similar increase in terms of transaction volume.
Source: Santiment
In terms of price action, over the past week, DOGE and PEPE managed to achieve positive performances. However, WIF, the new entrant in the market, failed to achieve this.
PEPE saw growth of 14.98% over the past week, while DOGE jumped 3% over the same period. WIF, on the other hand, saw a 10% decline during this period.
Source: Santiment