Memecoins, RWA, AI will lead crypto narratives in Q2 2024
Memecoins, real world assets (RWA) and AI were the most popular narratives in the second quarter of 2024 based on CoinGecko website traffic.
CoinGecko released its latest crypto industry report on July 16, outlining key events and developments in the crypto market in Q2 2024.
According to CoinGecko data, memecoins, RWA and AI were the top three narratives in Q2 2023, accounting for up to 36 percent of all CoinGecko web traffic categories in the quarter. According to the report, the share is the same as in Q1 2024.
Memecoins will dominate the crypto narrative in Q2 2024.
Memecoins — cryptocurrencies inspired by internet memes or trends — dominate CoinGecko's crypto narrative chart, accounting for 14 percent of all crypto categories listed on CoinGecko.
Real-world assets – or real-world assets such as real estate – accounted for 11% of web traffic among the narratives listed by CoinGecko, while AI accounted for 10%.
Solana and Beth made up the two most popular memecoin ecosystems, capturing 23 percent of the total market attention, according to the report.
Apart from memecoins, Solana, Ethereum, Base and The Open Network (TON) entered the top 15 crypto narratives.
Related: Donald Trump memecoin surges 52% following assassination attempt
Memecoins was launched in 2015. It emerged as one of the biggest trends in the crypto industry in 2024, posting the highest returns of 1,312% by market capitalization on average.
Generating record-breaking returns, memecoins have sparked controversy and controversy, with such tokens fulfilling the original purpose of crypto.
Some prominent crypto figures, such as Tether CEO Paolo Arduino, are skeptical of memecoins because they are “completely on opposite ends of the spectrum” than Bitcoin.
Ethereum price change in Q2 2024
Among other insights included in CoinGecko's crypto industry report, the firm noted that Ethereum is inflationary, meaning that its purchasing power has decreased due to an increase in supply.
According to CoinGecko, Ethereum has added 120,000 ETH (ETH) to its distribution supply from the 228,543 ETH that will be released in Q2 2024. With 107,725 ETH burned, the Ethereum network has seen inflation last quarter.
As previously reported, in May 2024 following Ethereum's Denko upgrade, Ethereum supply stopped depreciating for the first time and went live in March 2024.
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