Here’s What to Expect from the Top Crypto Ahead of the Year-End
Memecoins have gained huge attention for their short-term gains, which started with PEPE price There was a rebound in the first few weeks of the year. Now that the market is nearing its end, coins with growing fundamentals are becoming increasingly important. As a result, tokens that thrived during the 2021 bull run, such as the top 10 DeFi, are gaining momentum, suggesting that veterans and professional traders may have entered the circle.
Since the beginning of this year, whenever BTC prices have risen significantly, memecoin has followed suit. This indicates a rapid flow of liquidity from star tokens to popular meme coins. However, these coins have been trading sideways since mid-November, while others are strengthening. The GMI memecoin index, which measures memecoin performance, is essentially flat, indicating a sideways trend for these coins.
Volatility remains high after a sharp rise from levels around 257 since the start of the year. Meanwhile, the GMCI has been range-bound between 485 and 530 since mid-November, suggesting the focus has shifted to other sectors. One of the most striking things is the resurgence of the Defi space, which has long been in the shadows. Liquidity has flowed back to ETH and DeFi projects such as AAVE, ENS and ENA.
On the other hand, with the increase in social activities, AI tokens have also gained huge attention, including Injection, Bittensor, Render, Fetch, Near Protocol, etc. With the rise of fundamentally strong coins, expectations of a strong and extended bull market have emerged. Therefore, in the next few days, if the top 10 coins and the DeFi or AI space get the most attention instead of memecoins, the market can be considered to be heading towards the top of the upcoming bull run.
