Knockoff Season Is Here: Data Analysis of 289 Tokens Shows Sixty Percent Rose Over 100%
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Knockoff Season Is Here: Data Analysis of 289 Tokens Shows Sixty Percent Rose Over 100%
High interest in public blockchains and MEMEs.
Navigating Web3 tides with focused insightsBy Frank, PANews
Since the U.S. election concluded, the crypto market seems to have entered a "free money" phase. On one hand, Bitcoin is surging toward the $100,000 mark; on the other, market attention initially centered on MEME coins, then shifted as major altcoins like XRP gained momentum—suggesting that the long-awaited altseason may finally be here.
What has the market data revealed since Trump's victory? Which sectors are attracting the most interest? PANews analyzed spot trading data from 289 major exchanges via OKX between November 2 and December 2 to uncover the true market dynamics over the past month.
Data Note: This study uses data from 289 spot trading pairs listed on OKX, covering the period from November 2 to December 2, 2024.
Nearly 60% of Tokens More Than Doubled in One Month
Overall, the market has clearly entered a broad upward trend over the past month. The average peak gain across all tokens reached 166%, meaning nearly every token more than doubled. Among the sample, four tokens surged over tenfold, eleven rose by more than five times, and 53—18.3% of the total—more than tripled. A full 171 tokens, or 59%, more than doubled during this period—nearly six out of ten major cryptocurrencies.
Tokens with Top 20 Gains
The top performer was OL, the token of a Web3 gaming platform, which soared 2,784.99%. However, given that OL only launched on OKX on November 18, its long-term performance remains to be seen.
PNUT, the hottest MEME coin in November, ranked second with a 2,400% rise. Yet on-chain data suggests PNUT’s actual appreciation may have been the highest globally—and significantly higher than reported figures. (See: On-Chain Analysis of PNUT Holdings)
Among longer-established tokens, X posted the strongest gains, rising up to 1,746% within a month—fueled by Elon Musk’s post-election prominence and the symbolic name advantage. After peaking, however, X corrected sharply by as much as 71%, delivering quite a rollercoaster ride for speculative investors.
DORA also made the top five, spiking 1,386%—a surge achieved almost entirely within a single day. On November 14, DORA briefly jumped 13-fold before retracting 92%. As of now, it remains about 130% above its November 2 level. With a current market cap of around $96 million, the rally lacked any clear fundamental catalyst or public explanation.
Looking at categories among the top 20 gainers, major public blockchains were the most favored, accounting for 28.6% of the list. MEME coins and DeFi projects followed closely, each making up 19%. Gaming-related tokens represented 14.3%, while AI-themed projects accounted for 9.5%.
Gaming, MEME, and Metaverse Lead Market Gains
Which sectors are currently the hottest? Aggregated results show gaming-related tokens led the pack with an average peak increase of 273.4%, making it the top-performing alt sector. MEME coins followed with an average high of 225%, trailed by metaverse, Layer1, and social tokens. Fan economy tokens—those themed around sports teams or clubs—lagged furthest behind with just an 85% average gain.
However, PANews found that gaming’s lead appears less due to genuine sector strength and more because of two standout performers: newly listed OL and X, both categorized under gaming and heavily driven by hype. Excluding these two, the gaming sector’s real average drops to about 148%, lower than Layer1’s overall performance.
Layer1 projects hold significant weight in the mainstream market, with 66 of the 289 OKX trading pairs falling into this category. Of these, 46—over two-thirds—more than doubled. Over the past month, Layer1 tokens averaged a peak gain of 154%. The top five gainers were HBAR, XLM, XRP, ALGO, and CSPR. HBAR led with a maximum increase of 679.76%, while popular recent performers XLM and XRP peaked at gains of 613.59% and 484.31%, respectively. Considering market cap and breadth of adoption, Layer1 stands out as the primary target for institutional and strategic capital in this cycle.
MEME coins require little introduction. While most major alts remained stagnant for much of the year, MEME coins consistently moved in tandem with Bitcoin. However, they also saw the largest average drawdowns from their peaks—over 40%—a reminder that chasing "dog trades" requires caution amid extreme volatility.
Somewhat surprisingly, the metaverse sector performed exceptionally well. Excluding MEME coins, metaverse tokens recorded the highest real gains, averaging 165.2%. Notable projects such as SAND, VRA, and MANA each surged over 200% at their peaks. Given their dual exposure to gaming and virtual worlds, these tokens appear to benefit from multiple thematic tailwinds.
In contrast, several highly anticipated sectors this year—RWA, DePIN, and AI—have delivered underwhelming results recently. NFTs and fan economy tokens ranked at the bottom of this rally, suggesting it will be difficult for NFTs to recapture the glory of the previous bull run.
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