- The meme coin sector ultimately offers the greatest profits compared to other cryptocurrencies.
- Social volume around DOGE, SHIB, and WIF increased, but sentiment continued to decline.
With major financial institutions entering the crypto space through ETFs, confidence in the space has increased significantly. Even though many investors are focused on the growth of Bitcoin and Ethereum, the best-performing subsector of the space is memecoins.
Source: Coin Gecko
meme away
One of the major contributors to this growth is Solana’s memecoin sector. Solana has a low barrier to entry due to low fees, allowing many users to launch coins on the network.
Meme coins such as BOME, BODEN, and MEW attracted many addresses and further increased the excitement in the meme coin field.
Source: Coin Gecko
One of the main winners in this space was Dogwifhat (WIF), which quickly moved up the ranks, outperforming other major meme coins and taking the third place in the meme coin race.
Source: CoinMarketCap
At the time of writing, DOGE reigns supreme in the meme coin space, followed by SHIB. Much of the price movement is driven by the attention these meme coins receive in society.
Analysis of Santiment data by AMBCrypto reveals that social volumes for DOGE and WIF have skyrocketed in recent days. However, the social volume surrounding SHIB has decreased.
Source: Santiment
Future tasks
Although the social trading volume of all these meme coins has skyrocketed, the sentiment surrounding these tokens painted a different picture. Weighted sentiment for DOGE, SHIB, and WIF has declined significantly over the past few days.
This shows that as of this writing, the number of negative comments regarding these tokens exceeds the number of positive comments.
If the negative comments on these meme coins continue to increase, it will be difficult for these meme coins to rise further and show further growth.
Source: Santiment
While WIF continued to attract new addresses to itself, meme coins like Dogecoin and Shiba Inu are competitive because they have an ecosystem surrounding their tokens.
Realistic or not, WIF’s market capitalization in BTC terms is as follows
However, in the last month, activity in these ecosystems has decreased. AMBCrypto examined Santiment’s data and found that the number of active addresses on both of these networks has decreased significantly.
Both Dogecoin and Shiba Inu will need to improve the attractiveness of their ecosystems to maintain their top positions in the meme coin space.
Source: Santiment
