Memecoins and SocialFi Take the Crypto Spotlight in Q3

The third
quarter of 2023 brought a mixed bag of trends in the cryptocurrency market.
While the broader financial landscape grappled with inflation and interest rate
decisions, the crypto world saw a resurgence in specific sectors. The newest
Bitget Research report delves into the key trends that defined Q3 2023, from
the revival of memecoins to the growth of social finance (SocialFi) and the
ongoing legal battles involving the Securities and Exchange Commission (SEC)
and FTX.

Finance
Magnates discussed
the state of the cryptocurrency industry with Gracy Chen, the Managing Director
at Bitget. Chen emphasized that “the crypto landscape is evolving rapidly,
and many new developments are shaping its future in exciting ways.”

Memecoins,
often criticized for their volatility
Volatility

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders
Read this Term and lack of fundamental value, made a
strong comeback this quarter, Bitget Research finds. The split within the
Pepecoin team acted as a catalyst, leading to the rise of new projects like
CATECOIN, CAL, OXY, DORKL, and PAPA. Interestingly, some memecoins like POGAI
have established themselves, particularly in Chinese-speaking regions, by
branching out into GameFi.