Memecoins and SocialFi Take the Crypto Spotlight in Q3 2023

<p>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.</p><p><a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance
Magnates</a> discussed
the state of the cryptocurrency industry with Gracy Chen, the Managing Director
at Bitget. Chen emphasized: "The crypto landscape is evolving rapidly,
and many new developments are shaping its future in exciting ways."</p><p>The Memecoins Are Back</p><p>Memecoins,
often criticized for their <a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> and lack of fundamental value, made a
strong comeback this quarter, <a href="https://medium.com/@bgresearch2100" target="_blank" rel="nofollow">Bitget Research finds</a>. 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.</p><p>The
memecoin trend was further fueled by the advent of crypto trading bots on
Telegram. Banana Gun, a Telegram bot, introduced a "sniper" feature
that automatically targets newly listed memecoins with "anti-rug"
properties. This innovation has not only elevated the market share of crypto
telegram bots but also caught the attention of centralized exchanges.</p><blockquote><p lang="en" dir="ltr">REWORK OF TELEGRAM BOTWe've reworked our Telegram bot. Obviously, as we use the Telegram platform we are bound by Telegram limits and UX. Still, we managed to improve our bot a great deal!What did we do?