According to the latest crypto industry report on July 16 by CoinGecko, key developments in the crypto market were highlighted during the second quarter of 2024.
Memecoins, RWA, and AI Dominate Web Traffic in Crypto trends of Q2 2024
Memecoins, real-world assets (RWA), and artificial intelligence (AI) were the three most popular narratives in Q2 2024 as per CoinGecko’s data.
These categories made up 36% of all CoinGecko web traffic categories during the quarter, showcasing a similar share to the first quarter of 2024.
Breakdown of Top Crypto trends of Q2 2024
Memecoins, which are cryptocurrencies inspired by internet memes or trends, topped CoinGecko’s crypto narrative chart, representing 14% of all listed crypto categories.
Tokenized real-world assets, such as real estate, accounted for 11% of web traffic among listed narratives, while AI-related cryptocurrencies made up 10%.
Ecosystem Popularity
The report indicated that Solana and Base emerged as the two most popular memecoin ecosystems, capturing about 23% of total market attention.
Beyond memecoins, Solana, Ethereum, Base, and The Open Network (TON) also featured in the top 15 crypto narratives.
Memecoin Performance and Controversy
Memecoins have become one of the biggest trends in the crypto industry in 2024, delivering the highest returns at 1,312% on average across the top tokens by market capitalization. However, this trend has sparked debate and concerns about whether such tokens align with crypto’s original purpose.
Some industry leaders, like Tether CEO Paolo Ardoino, have expressed scepticism about memecoins, viewing them as “completely at the opposite parts of the spectrum” compared to Bitcoin.
Ethereum Turns Inflationary
CoinGecko’s report also highlighted that Ethereum became inflationary in Q2 2024, meaning its purchasing power declined due to increases in supply. The network added 120,000 ETH to the circulating supply out of 228,543 ETH emitted. With 107,725 ETH burned, Ethereum’s supply turned inflationary during the quarter.
This shift followed Ethereum’s Dencun upgrade in March 2024, with the network ceasing to be deflationary for the first time by May 2024.
Image: fameex.com
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