- The first half of 2024 has concluded, with on-chain analysts evaluating which sectors have proven most profitable.
- Independent crypto journalist Colin Wu has released an analysis indicating that memecoins topped profitability charts for H1 2024, with Real World Assets (RWA) and Artificial Intelligence (AI) following closely behind.
- Wu highlighted significant gains within these sectors, with compelling data on the performance of specific tokens.
Discover the most lucrative sectors in the crypto market for H1 2024, with exclusive insights into memecoins, Real World Assets (RWA), and Artificial Intelligence (AI).
Memecoins Lead the Pack in Profitability
In his thorough analysis, Wu evaluated the average daily price return rates of the top ten tokens by market cap within each sector, utilizing CoinGecko data. The selection was made based on the token rankings at the end of the quarter.
Memecoins achieved an astounding average return rate of 2405.1% for 2024. As of June 19, new tokens such as Brett (BRETT), Book Of Meme (BOME), and DOG•GO•TO•THE•MOON (DOG), launched around March-April, were among the top performers.
Brett notably achieved a staggering return rate of 14353.54% from its issuance price. Another notable token, dogwifhat (WIF), climbed 933.93%, representing the highest returns among minor new entrants.
“In recent months, the slogan ‘value investing is empty, go all-in on MEME to live in the palace’ has become a prominent catchphrase of this bull market,” commented Wu.
DeFi and GameFi Performance Underwhelming
The profitability of memecoins was significantly higher than that of the RWA sector, which had a return rate of 213.5%. It outpaced sectors like decentralized finance (DeFi), GameFi, and Layer 2 by a staggering margin, at least 500 times more.
RWA, momentarily the most profitable sector in February, garnered significant attention from traditional finance with investments from giants such as BlackRock. Mantra (OM) and Ondo (ONDO) were standout tokens, recording gains of 1123.8% and 451.12% respectively.
The AI sector also showed promising returns with an average rate of 71.6%. Tokens such as Arkham (ARKM) and AIOZ Network (AIOZ) recorded gains of 215.5% and 192.19%, respectively.
Sectors like Decentralized Physical Infrastructure Networks (DePIN) and Layer 1 experienced steady growth, achieving return rates of 58.7% and 43%, respectively. Wu pointed out that DePIN has significant growth potential, making it a focal point in the current bull market.
Conclusion
To summarize, the first half of 2024 has evidenced substantial gains in the cryptocurrency market, particularly in the memecoin sector. With Real World Assets (RWA) and Artificial Intelligence (AI) showing considerable returns, and promising sectors like DePIN emerging, investors are likely to find varied opportunities for the remainder of the year. The overarching takeaway underscores the dynamic nature of crypto investments and highlights the necessity of astute market analysis.
