Meme-inspired cryptocurrencies, colloquially known as memecoins, have been outperforming the wider cryptocurrency market over the last 30-day period, even as the flagship cryptocurrency Bitcoin (BTC) moved to briefly surpass the $100,000 mark.
According to data from on-chain analysis platform Artemis, over the last 30 days memecoins saw their value rise by around 90.6%, compared to 77.1% for tokens associated with artificial intelligence (AI) projects, and 72.9% for tokens associated with the decentralized finance (DeFi) ecosystem.
The memecoin’s rise comes at a time in which DOGE, the leading meme-inspired cryptocurrency by market capitalization, has been gaining bullish traction, with various analysts predicting a continued rise for the cryptocurrency.
Memecoins have risen amid a trading frenzy on the Solana network, fueled by its low transactions fees and new platforms that make it easy for non-developers to launch their own tokens.
Over the same period, the platform’s data shows that the price of the flagship cryptocurrency Bitcoin moved up around 31%. Notably, BTC hit a new $100,000 all-time high earlier this week.
Bitcoin’s new all-time high saw the total market capitalization of the cryptocurrency space hit a new record of $3.6 trillion ahead of a recent downturn. Nevertheless Ethereum’s ether, the second-largest digital asset by market capitalization, has kept on surging and is up around 47% over the past month to now stand above the $4,000 mark.
While memecoins have been outperforming the wider cryptocurrency space BTC, ETH, and other digital assets have nevertheless kept on outperforming traditional assets over the same period, with the stock market’s benchmark index, the S&P 500, moving upon around 2.6% in the past month.
The tech-heavy Nasdaq index moved up around 4.4% over the same period, compared to the double-digit rise most cryptocurrencies saw. Gold, the precious metal Bitcoin is often compared to a digital version of, lost 0.8% of its value in the last month
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