Memecoins
Memecoins are the best performing stories this year, with Base and Solana leading the way: Binance Research
The research arm of the leading cryptocurrency exchange by trading volume claims that a growing sector of digital assets is far outpacing others.
According to a new study Memecoins to Drive Cryptocurrency Awareness in 2024, Binance Research Finds
“Memecoins have generated significant activity among traders and have attracted notable attention within the crypto community. Considering that memecoins have been the best performing sector year-to-date, returning a staggering 279%, it’s hardly surprising that this is a sector that has generated so much interest.”
Source: Binance Research
Coinbase Ethereum (ETH) Layer 2 Base chain and ETH Solana competitor (GROUND) are the two blockchains driving the rise of memecoin, according to Binance Research.
Binance notes that crypto projects associated with emerging artificial intelligence (AI) technologies have also driven consumer interest in cryptocurrencies.
The study also reveals that the decentralized finance (DeFi) sub-sector has found new life in 2024.
“2024 has seen a substantial influx of capital into decentralized finance (“DeFi”), driving TVL (total value locked) up 72.8% year-to-date (“YTD”) to $94.1 billion, up from $54.4 billion at the start of the year. This surge has benefited nearly every sector of DeFi, from major to niche markets, leading to the emergence of protocols that make previously inaccessible financial primitives available on-chain.”
Looking ahead to the rest of the year, Binance is highlighting the tokenization of real-world assets and the growth of Bitcoin (Bitcoin) an ecosystem like other crypto sectors to watch.
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