In the fast-paced world of cryptocurrency, the second quarter of 2024 saw some interesting trends emerge, according to CoinGecko’s latest industry report. Memecoins, real-world assets (RWA), and artificial intelligence (AI) were the top three narratives that captured the attention of crypto enthusiasts during this period.
Memecoins, which are cryptocurrencies inspired by internet memes or trends, dominated the crypto narrative chart in Q2 2024, accounting for 14% of all listed crypto categories on CoinGecko. Solana and Base emerged as the two most popular memecoin ecosystems, capturing about 23% of total market attention.
Real-world assets, such as tokenized real estate, accounted for 11% of web traffic among CoinGecko-listed narratives, while AI made up 10%. Beyond memecoins, other popular narratives included Solana, Ethereum, Base, and The Open Network, which made it into the top 15 crypto narratives.
Despite their popularity, memecoins have sparked controversy and concerns within the crypto community. Some prominent figures, like Tether CEO Paolo Ardoino, are skeptical about memecoins, arguing that they are “completely at the opposite parts of the spectrum” than Bitcoin.
In addition to memecoins, CoinGecko’s report also highlighted an interesting development regarding Ether (ETH) in Q2 2024. The report mentioned that Ether became inflationary during this period, as the circulating supply increased due to the emission of new ETH tokens. This shift in supply dynamics occurred following Ethereum’s Dencun upgrade, which went live in March 2024.
Overall, the second quarter of 2024 was marked by the rise of memecoins, the growing popularity of real-world assets, and the inflationary shift in Ether. As the crypto industry continues to evolve, it will be interesting to see how these trends shape the future of digital assets.