The memecoin market experienced a robust beginning in November, captivating both headlines and public attention. Notably, the sector’s market capitalization surged from $55 billion to $116 billion in just a span of ten days between November 4 and November 14.
When Did Dogecoin’s Popularity Start to Decline?
Since the middle of November, there has been a noticeable decline in the memecoin market. Dogecoin [DOGE], being the largest and most renowned among its counterparts, failed to achieve a new peak even during Bitcoin’s [BTC] rally to $108k.
Hence, CryptoCrypto conducted an analysis of the social traction of Dogecoin against other major players such as Ethereum [ETH], the leading altcoin globally, which has faced its own challenges on the price charts recently.
The social dominance of DOGE peaked to its highest level in nearly 18 months on November 13. However, since then, it has been on a downward trend, reflecting the reception of the memecoin market among participants.
While Memes Regress, Altcoins Struggle to Maintain Stability
The TOTAL2 market capitalization signifies the total market capitalization without including Bitcoin. Following the recent widespread market decline, it retraced to levels observed in the final week of November. A potential rebound might be on the horizon.
Since November 14, the altcoin market capitalization has surged by 22%, despite the recent decline in its numbers.
In contrast, the memecoin market capitalization dropped by 16% from November 14, shrinking from $116 billion to $100 billion at the time of reporting. The combined data, along with the social dominance parameter, underscored how memes have been overshadowed by the broader altcoin market over the past month.
Out of the top four memecoins, Dogecoin and Pepe [PEPE] have demonstrated the most robust performance since November, even amidst the recent market volatility. This highlights the notion that leading altcoins maintain the majority market share and serve as stable growth opportunities for investors.