Memecoins
Memecoins, RWA, and AI Lead Q2 2024 Crypto Narratives
In Q2 2024, memecoins, real-world assets (RWA), and artificial intelligence (AI) were the most popular narratives, according to CoinGecko.
On July 16, CoinGecko published its latest assessment of the cryptocurrency sector, highlighting the turning points and important events of Q2 2024. These three categories captured 36% of all CoinGecko web traffic, reflecting the trends of Q1 2024.
Memecoins, or cryptocurrencies based on viral online content, dominated the news cycle, accounting for 14% of all categories listed on CoinGecko. The two most popular memecoin ecosystems, Solana and Base, captured 23% of the market’s attention.
Top Cryptocurrency Stories by Traffic Share, Source: CoinGecko
Among CoinGecko’s stories, tokenized real assets, such as real estate, accounted for 11% of online traffic. 10% of the traffic was attributed to AI-driven crypto projects, indicating their growing market share.
Major blockchain networks such as Solana, Ethereum, Base, and The Open Network (TON) also featured prominently in the top 15 cryptocurrency stories, in addition to memecoins.
In contrast, Memecoins have posted remarkable returns, averaging 1,312% among the top tokens by market cap. Memecoins are becoming increasingly popular, but there is disagreement over whether they truly serve the cryptocurrency’s original purpose.
Binance, the leading cryptocurrency exchange, is also mentioned in its semestrial report“Memecoins have been the best
“The best performing sub-sector this year, with a year-to-date return of over 279%.”
Given that memecoins are “on the complete opposite end of the spectrum” from Bitcoin, some well-known cryptocurrency professionals, such as Tether CEO Paolo Ardoino, are skeptical of them.
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