Crypto News

Memecoin Market Struggles While GameFi And DeSci Sectors Defy The Downtrend

A recent Coinwire research report reveals a troubling trend for memecoins promoted by cryptocurrency influencers on X (formerly Twitter).

According to the study, 76% of memecoins endorsed by influencers have fallen to zero, while only 1% of these coins have experienced a tenfold increase. In fact, a staggering 80% of promoted memecoins saw a sharp decline of 70% within just a week.

Among the most notable drops, CHEEMS saw its value plummet by over 57%, now with a market capitalization of $137 million. Similarly, WHY dropped more than 30%, bringing its market value down to $109 million.

While the broader cryptocurrency market experienced a decline yesterday, sectors like GameFi and DeSci bucked the trend. GameFi saw a notable increase of 9.52%, while DeSci grew by 3.35%.

GameFi Tokens Experience Notable Surge

Several prominent projects within the GameFi space performed well, including The Sandbox (SAND), which surged by 65.24%, Decentraland (MANA), up by 29.56%, and Axie Infinity (AXS), which rose by 14.27%. Additionally, Rifampicin (RIF) saw a solid increase of 27.98%.

These movements indicate a shift in market sentiment, with investors beginning to favor more established sectors like GameFi and DeSci over the increasingly volatile and speculative nature of memecoins. As the market continues to evolve, it will be interesting to see whether GameFi and DeSci can maintain their upward momentum while memecoins face increased scrutiny.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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