Memecoins and Cosmos Ecosystem Lead November Surge — Here’s Why
Meme Coins Lead November Crypto Rally | Credit: Veronica Cestari
Key Takeaways
- Memecoins have been the best-performing category since the bottom hit on Nov 4.
- Layer 1-s and the Cosmos ecosystem are not far behind, while gaming is last.
- What are the best-performing November cryptos from each of these categories?
The crypto market has rallied massively since the beginning of November. This month alone, the Bitcoin (BTC) price increased by 25%, reaching a new all-time high price of $89,907 on Nov. 12. The crypto market cap has increased by 25% while various categories have performed differently.
Since early movers are often those who continue outperforming during the rest of the bull run, it is worth looking at the biggest gainers from each category to see if they can maintain their increases.
November Crypto Rally
Measuring from the Nov. 4 bottom, a basket of the six largest memecoins (black) has been by far the best-performing category, increasing by 62%. The Cosmos ecosystem (purple) is in second place with a 34% increase. Its performance can be considered unusual since the category has not performed well in the past few months.
Layer-1s are third, followed closely by Decentralized Finance (DeFi). The latter’s performance is heavily influenced by its largest cryptocurrency, UNI, which increased sharply. Additionally, with Ethereum (ETH) gaining momentum, DeFi might continue enjoying its resurgence.
AI Tokens, Liquid Staking, Ethereum Betas, and Gaming tokens complete the list, increasing by less than 30%. Gaming tokens have underperformed the most relative to their previous trends since they led the market in March alongside memecoins.
Best Performing Memecoins
From memecoins, Dogecoin (black) is easily the best performer, followed by BONK (green) & PEPE (purple). This also breaks the previous trend when new memecoins in the Ethereum ecosystem, such as FLOKI and PEPE were leading DOGE & SHIB.
Also, it is interesting that Ethereum memecoins are performing similarly or better than Solana ones, which was not true earlier in the year.
The DOGE (black) & SHIB (purple) movements have mirrored each other almost perfectly during the past two years. Interestingly, SHIB has led the charge while DOGE has followed behind. This was especially true during the March rally.
So, since the roles are seemingly reversed in the current recovery, SHIB could be the next in line to increase rapidly, catching up with Dogecoin.
While the memecoin sector performance could be expected because of the existing yearly trend, that of the Cosmos ecosystem was more surprising.
What about Cosmos?
INJ has been the biggest gainer in the Cosmos ecosystem at 38%, followed by SEI and ATOM at 28%. DYM and OSMO have increased roughly 20%, while TIA has been by far the worst performer, increasing only 16%.
When looking at their historical performance, the INJ price (black) most closely followed that of OSMO (green). Like the previous section’s Dogecoin and Shiba Inu comparison, OSMO has often led while INJ has followed.
This was especially true at the beginning of the year, when OSMO increased much faster. Their trends have been more similar since March, especially in June.
Therefore, since the roles are reversed this time and INJ is leading the way, it could mean that OSMO is next in line for a considerable rally.
Next in Line
Memecoins have been the best-performing category almost all year round. This is also true when measuring the bounce after the Nov. 4 bottom.
The Dogecoin price has been the biggest gainer, and because of their correlation, SHIB may begin to increase at a similar rate soon.
In the Cosmos ecosystem, the biggest gainer has been INJ. Its historical correlation with OSMO could mean the latter is next in line for a rapid increase.
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