Market Sentiments Shifting Back to Fundamentals: Here’s What to Expect from the Top Crypto Ahead of the Year-End

Memecoins Fade as Fundamental Tokens Gain Momentum

Memecoins' rapid ascent in early 2023 has diminished as the market shifts towards tokens with stronger fundamentals. Established cryptocurrencies like the top 10 and DeFis are experiencing a resurgence, indicating the return of experienced traders.

Initially, memecoins surged in tandem with the price of Bitcoin. However, since mid-November, these tokens have been stagnant while other sectors have gained traction. The GMI memecoin index remains flat, further confirming this trend.

Volatility has persisted since the year's onset. The GMCI, after a surge from 257, has stabilized within a range of 485 to 530, suggesting a shift in focus.

The DeFi sector has experienced a notable revival, attracting liquidity to projects like AAVE, ENS, and ENA. AI tokens have also garnered attention, with social activity surrounding Injective, Bittensor, and Fetch increasing.

The growing emphasis on fundamentals has raised expectations for a sustained bull run. If top-ranked tokens, DeFis, and AI continue to dominate market sentiment, the market may be poised for a significant rally.