The imitation season has arrived, with data analysis showing that 289 tokens performed, with 60% rising over 100%, and high popularity for public chains and MEME
Those once counterfeit stars, who have long ceased to dominate the public opinion market, seem to be quietly returning in another way.Author: 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 surging towards the $100,000 mark, while on the other, the heat initially focused on MEME coins, and with the strong performance of mainstream altcoins like XRP, people seem to realize that the long-awaited altcoin season has truly arrived.
What is the real market situation after Trump's victory, and which sectors are the most sought after? PANews conducted a data analysis of spot trading across 289 mainstream exchanges since November 2, to interpret the real dynamics of the market over the past month.
Data Note: 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 This Month
From the overall data, the market has indeed entered a phase of collective growth over the past month. The average maximum increase for 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 surged by 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 data on the PNUT chain, its increase should be the highest in the entire network, far exceeding this figure.
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, becoming 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 roller coaster ride.
In the top five increases, there is also the DORA token, which reached a maximum increase of 1386%, and such a remarkable increase was mostly achieved 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.
When categorizing 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, among the top 20, 14.3% are gaming concepts and 9.5% are AI concepts.
Gaming, MEME, and 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 the moment. Following that are MEME coins, with an average maximum increase of 225%, and the Metaverse, Layer 1, and social sectors closely behind. The sector with the smallest increase is the fan economy (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 genuine popularity of gaming but rather from the newly launched OL and the recently successful X. Excluding these two projects, the real average value of the gaming sector is about 148%, which is less than the overall increase of Layer 1.
Layer 1 projects hold a significant share in the mainstream market, with 66 related projects among the 289 spot trading pairs on OKX, of which 46 have increased over one time. Over the past month, these Layer 1 projects have an average maximum increase of 154%. The top five with the largest increases are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR's maximum increase reached 679.76%, while the recently popular XLM and XRP saw maximum increases of 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 MEME, one should also pay attention to volatility.
Among this 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 of over 200% within a month. Moreover, due to their attributes belonging to both gaming and the Metaverse, these projects 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 NFTs are struggling to replicate the glory of the last bull market.
MEME, Social, and Fan Economy Experience the Largest Corrections
Finally, let's take a look at the overall market's correction intensity. Although the overall market is positive, it often means greater volatility. PANews has compiled the correction amplitudes of these tokens after reaching their peaks. From the overall data, 25 projects have experienced corrections of over 50% after reaching their peaks. The tokens with the largest corrections include: DORA (92%), MORPHO (88%), MEMEFI (83%), RADAR (78%), and DEP (77%).
Among the 25 tokens with the largest corrections, MEME coins, DeFi, and gaming-related tokens account for the highest proportion, each making up 20%.
From the overall situation of the sectors, MEME, social, and fan economy have the largest correction amplitudes, reaching 40%, 38%, and 36%, respectively. From this perspective, the performance of fan economy tokens is quite disappointing, with the smallest increases and among the highest corrections. In contrast, Layer 2, RWA, and Layer 1 have the smallest correction amplitudes, averaging less than 20%, showing relatively stable trends.
Is the altcoin season really upon us? Perhaps this question can now be answered with relative certainty. PANews found that although the market dynamics of BTC, SOL, and ETH have always attracted attention over the past month, in terms of real data performance, BTC's maximum increase ranks 273rd among all tokens, ETH ranks 260th, and SOL ranks 242nd, making them among the lowest increases in the market. Meanwhile, those once-dominant altcoin stars that no longer hold sway in public opinion seem to be quietly returning in another way.
