For Last week, the GMMEME indicator, reflecting the dynamics of the top 30 memcoins, fell by 0.95%. The index has been fluctuating in the range of 470-535 points for the past two weeks, with an unsuccessful attempt to break out of the range upward on November 23, when it reached an all-time high of 571.87 points.
According to those interviewed by the publication The Block expert Min Jung (Min Jung), listing on cryptocurrency exchanges caused a surge in token prices in mid-November, and then provoked investor fatigue from “controversies in the memcoin industry.” According to him, there is a movement of capital into tokens associated with projects that use artificial intelligence (AI) and DeFi.
Jeong described the trend as a broader pivot to fundamentals. The analyst associated interest in DeFi with the expected cycle of lowering bank rates.
In turn, the founder and CEO of Defiance Capital, Arthur Cheong, pointed to a revival of interest in ether and decentralized finance protocols. In his opinion, the flow of funds is due to the closing of investor positions in memcoins.
Recently, according to The Block, the GMCI Meme index increased by 90% compared to the previous month. The main reason was the listings of memcoins such as PEPE and WIF on Coinbase and Robinhood.
Source: Bits
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