The largest cryptocurrencies Bitcoin And Ethereum While attracting the attention of investors with their performance Dogecoin (DOGE) and Shiba Inu (SHIB) Memcoins such as could not perform as expected.
Evaluating this situation at this point, Nansen analysts claimed that memecoins underperformed because investors focused on market leaders Bitcoin and Ethereum.
Speaking to The Block Nansen analysts in the same period BTC, ETH and stated that it performed lower than the altcoins that were on the rise.
“Memecoins underperformance is likely due to the current strength of underlying cryptocurrencies like Ethereum, diverting investor attention and capital away from them.
“Investors’ addiction to social media trends related to cryptocurrencies such as Bitcoin and Ethereum further amplifies this effect.”
Outside of Nansen analysts YouHodler Market Chief Ruslan Lienkha also evaluated this situation and noted that most investors are interested in spot ETFs that have been approved and have the potential to be approved. Bitcoin and EthereumHe said he was focusing on .
“The post-approval ETF inflows of Bitcoin ETFs and possible approval of Ethereum ETFs mostly encourage capital flows into these two cryptocurrencies.
Memecoins are currently extremely illiquid and volatile, with investor interest focused on BTC and ETH. “Aside from Memcoins, much of the cryptocurrency market is still struggling with poor liquidity.”
Finally, Lienkha added that the last bull run is structurally very different from the rally in 2021.
*This is not investment advice.
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