Memecoins
The most profitable crypto sectors of 2024: Memecoins and tokenization dominate
Data from BitEye, CoinGecko and Wu Blockchain reveals that memecoins have been driving the growth cryptocurrency market with a return of 1.834% in the first half of 2024.
Memecoin: leading the Cryptocurrency Package
For Cointelegraph, memecoins have demonstrated an astonishing return of 1,834% since the start of 2024, as indicated by data from BitEye, CoinGecko, and Wu Blockchain. This allowed them to lead the competition.
Hot on the heels was the real-world asset tokenization sector, which earned investors a 214% return. Returns on blockchain ventures, including AI, were a healthy 72%, while returns on Decentralized Physical Infrastructure Networks (DePIN) were 59%.
Digital asset fundamentals, both Bitcoin and Ether, have continued to show strong performance, with ETH showing year-to-date gains of 50% and Bitcoin returning around 45%.
Games and decentralized banks: stable results
Furthermore, Tier 1 platforms generated an average return of 43%, while sectors such as gaming and decentralized banking lagged behind the competition, but still managed to generate small profits of 19% and 3% respectively.
The layer 2 sector, however, recorded a substantial decline, with total losses averaging around 41%.
Real-world asset tokenization, which is widely seen as the next frontier for digital assets, has the potential to ultimately hold $874 trillion in wealth. This is because hedge funds, stocks, bonds, mutual funds, and even real estate around the world are moving to blockchain.
A comprehensive analysis of the business cannot be considered complete without taking into account the rapidly expanding real-world asset tokenization industry, which has emerged as a popular topic of discussion among institutional investors and financial institutions.
With new partnerships prioritizing the digitization of wealth using distributed ledger technology, projects like Chainlink continue to make progress towards their goal of bringing all of the world’s assets onto the blockchain.
Solana Network Dubbed “MacOS of Blockchain”
The Solana network is partially responsible for the incredible growth of memecoins. On the Solana blockchain alone, 541,000 new token projects were created in May.
Andrew Tate, Iggy Azalea and musician Lil Pump were among the many famous and influential people who used the platform to launch their own memecoins.
Panther Capital named Solana the MacOS of blockchain due to the network’s user-friendly design and emphasis on features that make it easy to deploy tokens and smart contracts.
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