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- 1 The top 9 meme coins, as per their market cap, have given a return of -11% from January to June 2024
- 2 The Top centralized exchange coins have remained profitable during the first half of 2024 and given a return of 38%
- 3 Bitcoin ecosystem coins, along with staking services coins, have seen 108% of the annualized volatility
The crypto market has seen a roller coaster ride from the start of this year. BTC broke its all-time high of $70k but was trading near $60k at press time. Various L2 platform token prices are currently near their all-time low. Meanwhile, memecoin rug pull has become common news nowadays.
Memecoins have become a part of the crypto ecosystem in very little time compared to the other utility tokens. The overall meme ecosystem has reached a market cap of $50.6 Billion with an average trading volume of $5.6 Billion. The major reason is the quick gains other cryptos do not offer.
In the last seven days, coins like GIGA, JESUS, and POPCAT have offered more than 70% returns while other utility tokens are struggling to survive. If we look at L2 tokens like ARB or RWA tokens, they are dwindling near their all-time low.
The major profitability of the Memecoins has been seen in the low-cap coins listed on the various decentralized exchanges. We can see an astronomical difference if we compare the returns of these low-cap and high-cap coins. Let’s have a look at the various sectors and the returns they have given.
Memecoins
Source: Artemis.xyz
The top 10 meme coins have given a return of 76% from the start of this year. The major gains were seen from Pepe and WIF, which have seen extreme hype at the beginning of this year.
If we look at the overall performance of the top meme coins from January to March, they have given a great return. From March to June, the overall return from these coins was only 10%, which shows a losing momentum.
In the past month, most of these meme coins have observed a loss of more than 20%, while BONK and WIF saw a loss of 40% in value.
Centralized Exchange
Source: Artemis.xyz
The top 10 centralized exchange coins have given a return of 58% from January to June 2024. The biggest gainers are the Celsius network coin (CEL) and BNB. The CEL token has impressive growth, while its annualized volatility has grown more than 250%.
The increase in volatility can be speculated due to the low volume and surge in the positive sentiment. Centralized exchange coin has performed way better than the other sectors last month. This sector can observe impressive growth shortly as compared to others.
AI Cryptos
Source: Smart Money in AI Tokens by Oxscope
The overall AI cryptos have a market cap of $17.85 Billion with a total sector dominance of 0.79%. This sector has observed an average decline of 25% in the last 30 days. The overall AI sector has declined by 10% from January to June 2024.
Meanwhile, AI coins have observed a decline of 60% across the sector in the last three months. FET, NET, and OCEAN have seen substantial volatility due to their merger in July. The merger of these tokens can push the AI sector’s performance to a new high.
DePIN
DePIN, or Decentralized Physical Network, has an overall market cap of $22.4 Billion with a $1.2 Billion trading volume. It has observed a gain of 15% from January to June 2024. The RNDR crypto experienced the majority of the gains in the DePIN sector.
The annualized volatility of this sector is near 77%, which is comparatively lower than that of the others. The DePIN industry as a whole can grow and become a $3.55 Trillion industry in 2030.
Real World Asset or RWA
Real World Asset tokens have a market cap of $34.5 Billion with a total volume of $1.5 Billion. The biggest token among the RWA is AVAX and LINK. The RWA sector has observed a growth of 171%, defeating others.
ONDO and MAPPLE have grown 81% in the last few months. Meanwhile, the volatility of the RWA is 103%, which is higher than other sectors. According to various analysts, the RWA sector is expected to grow by more than $5 trillion by 2030.
Is the Hype of Meme Coins Going Down?
Memecoins has given impressive growth in the past few years. The MEME sector has given 70% returns from January to June 2024. If we look closely at the data, the hype of the meme coins has grown until MAR 2024. After the MAR 2024, the return of the meme sector had been negative.
Meanwhile, the RWA and AI sectors have observed strong growth in the past three months. The meme coin sector may see a strong uptrend in the future, but currently, value is gaining traction over the hype.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
