Author: Frank, PANews
Since the dust settled on the US election, the cryptocurrency market seems to have entered a "free money" mode. On the one hand, Bitcoin is making rapid strides towards the $100,000 mark, while on the other, the heat has first focused on MEME, and then with the strong performance of mainstream altcoins such as XRP, it seems that the long-awaited altcoin season may have truly arrived.
How has the market performed since Trump's victory? Which tracks have been the most popular? PANews conducted data analysis on spot trading on 289 mainstream exchanges since November 2nd, to analyze the real dynamics of the market over the past month.
Data description: This study analyzed data from 289 spot trading pairs listed on the OKX exchange. The time frame is from November 2nd to December 2nd.
Nearly 60% of tokens have doubled in value within a month
Looking at the overall data, the market has indeed entered a collective upward trend over the past month. The average maximum increase of all tokens reached 166%, meaning that almost all tokens have more than doubled in value. In the sample analyzed, there were 4 tokens with gains of over 10 times, 11 tokens with gains of over 5 times, and 53 tokens with gains of over 2 times, accounting for 18.3%. The number of tokens with gains of over 1 time reached 171, accounting for 59%. In other words, nearly 60% of mainstream tokens have more than doubled in value in the past month.
Top 20 tokens by maximum gain
The token with the largest gain is OL, the token of the Web3 gaming platform, with a maximum gain of 2784.99%, but considering that this token was only listed on OKX on November 18th, its subsequent performance remains to be observed.
PNUT, as the hottest MEME token in November, ranked second with a 2400% gain, but if we look at the on-chain data of PNUT, its gain should be the highest in the entire network and far exceeds this value. (Related reading: Data interpretation of PNUT's on-chain chips)
Among the long-established tokens, the one with the largest gain is X, which benefited from Musk's comprehensive victory in the election and, with the name advantage, achieved a maximum gain of 1746% within a month, and even became the hottest token after the election. However, after the heat subsided, X also experienced a maximum 71% correction. For investors who were keen on speculating on this token, it was a real roller coaster ride.
Among the top five gainers, there is also the DORA token, with a maximum gain of 1386%, and such an amazing gain was basically completed within 1 day. On November 14th, the DORA token surged 13 times in a short period of time, but then quickly corrected by 92%, and is currently up about 130% from November 2nd. The current market cap of this token is about $96 million, which is not high. And the market seems to have no news to explain the sudden surge.
Looking at the classification of the top 20 gainers, mainstream public chains are still the most favored investment targets, accounting for 28.6%, followed by MEME tokens and DeFi projects, both accounting for 19%. In addition, 14.3% of the top 20 are game concepts and 9.5% are AI concepts.
Games, MEME, and metaverse leading the market
Which sectors are the hottest tracks in the current market? From the summarized results, the tokens related to the game concept have an average maximum gain of 273.4%, becoming the hottest altcoin track at the moment. MEME tokens are second, with an average maximum gain of 225%, followed closely by metaverse, Layer1, social and other sectors. The sector with the smallest gain is the fan economy (tokens themed on various football teams or clubs), at only 85%.
However, in the analysis, PANews found that the leading gain of the gaming sector does not seem to be due to the real heat of the gaming sector, but because the newly launched OL and the recently popular X both belong to this sector. Excluding these two projects, the real average value of the gaming sector is about 148%, which is not as high as the overall gain of Layer1.
Layer1 projects have a higher proportion in the mainstream market, with 66 out of the 289 spot trading pairs on OKX being Layer1-related projects, and 46 of them have gains of over 1 time. Over the past month, the average maximum gain of these Layer1 projects has reached 154%. The top five with the largest gains are: HBAR, XLM, XRP, ALGO, and CSPR. Among them, HBAR's maximum gain reached 679.76%, while the recent hot XLM and XRP also increased by 613.59% and 484.31% respectively. Considering factors such as market capitalization, Layer1 is undoubtedly the most chosen track by mainstream capital in this round.
The market heat of MEME tokens naturally needs no further elaboration, as MEME has been soaring alongside BTC for most of the year when mainstream altcoins were dormant. However, the overall correction of the MEME sector after the high point is the largest, with an average of over 40%. This also reminds people once again to pay more attention to volatility while chasing the "dog".
In this set of data, the performance of the metaverse may be surprising. Excluding MEME tokens, the real overall gain of the metaverse should be the largest, averaging 165.2%, with several well-known metaverse projects such as SAND, VRA, and MANA having gains of over 200% within a month. And from the attributes of these projects, as they belong to both games and the metaverse, they seem to be driven by the rising concept of related sectors.
However, some of the hotter tracks this year, such as RWA, DePIN and AI, have performed generally poorly in the recent period. In addition, NFT and fan economy projects have performed at the bottom in this round of gains, suggesting that it may be difficult for NFT to replicate the glory of the previous bull market.
MEME, social, and fan economy have the largest correction
Finally, let's focus on the overall market correction intensity. Although the overall market is bullish, it also means greater volatility. PANews statistics show that 25 projects experienced a correction of over 50% after reaching their highs. The tokens with the largest corrections are: DORA (92%), MORPHO (88%), MEMEFI (83%), RADAR (78%), and DEP (77%).
In terms of the proportion of the 25 tokens with the largest corrections, MEME tokens, DeFi and game-related tokens account for the highest, all at 20%.
Looking at the overall situation of the sectors, MEME, social, and fan economy have the top three largest corrections, reaching 40%, 38%, and 36% respectively. From this perspective, the performance of fan economy tokens can be described as unsatisfactory, with the smallest gains and among the largest corrections. Relatively speaking, in terms of the correction intensity, Layer2, RWA, and Layer1 have the smallest corrections, averaging less than 20%, showing a relatively stable trend.
Has the "altcoin season" really arrived? Perhaps this question can now be answered relatively affirmatively. PANews found that although the market dynamics of BTC, SOL, and ETH have been the focus of attention in the past month, based on the actual data performance, BTC's maximum increase ranks 273rd among all tokens, ETH ranks 260th, and SOL ranks 242nd, which are among the smallest increases in the market. Meanwhile, the once-dominant altcoin stars, who have long since lost their leading position in public opinion, seem to be quietly returning in a different way.
