Meme cryptocurrencies, also called memecoins, have become the most profitable sector of the crypto industry this year.
A report published by the Biteye platform identified memecoins as the most profitable sector of cryptocurrencies this year. This, despite the bullish rally that the price of Bitcoin experienced and which led it to reach new all-time highs in mid-March.
Memecoins obtained the highest profitability in the crypto market
The recent report highlighted that memecoins have reached the highest average profitability rate in the crypto market in 2024, of 2.405,1%. Cryptoassets such as Brett (BRETT) and Book of Meme (BOME), which are new meme cryptocurrencies on the market and whose long-term value and usefulness is questioned by several experts, had the highest return rates, according to Biteye.
In the case of BRETT, the memecoin experienced an increase of 14.353.54% since its issuance and BOME, 997%.
Source: Biteye
Other memecoins, such as Dogwifhat (WIF), also experienced strong growth this year, fueling the frenzy for this type of digital asset in the crypto market.
According to the platform, the profitability of meme cryptocurrencies has been 8,6 times greater than that of the second most profitable sector in the market, which is real-world asset (RWA) tokenization, and no less than 542,5 times greater than that of the decentralized finance (DeFi) sector.
RWA attracted large financial institutions
On the other hand, real world assets or RWA (Real World Assets), have managed to attract several of the largest financial institutions in the world, such as BlackRock, positioning themselves as the second most profitable sector of cryptocurrencies this 2024. RWA obtained an average profitability of 213,5%, the report indicated.
Within this sector, crypto assets such as Mantra (OM) and Ondo (ONDO) experienced the largest increases, with gains ranging between 1.123,8% and 451,12%, respectively, so far this year.
Source: Biteye
According to the platform, RWAs briefly positioned themselves as the leading assets in the crypto market by profitability in February. However, they were surpassed by the frenzy that memecoins have sparked.
Regarding tokens related to Artificial Intelligence (AI), Biteye analysts identified that these digital assets have become the favorites of the technological field, which is why they currently occupy third place as the most profitable in the crypto market.
The most notable AI assets this 2024 are Arkham (ARKM), AIOZ Network (AIOZ) and Render (RNDR).
DePIN, Layer 1, GameFi and DeFi
DePIN networks and Layer 1 solutions are also among the most capitalized crypto market sectors in the current cycle, obtaining an average profitability between 1% and 58%, respectively. On the other hand, the Web43 gaming sector and decentralized finance on the blockchain had a significant drop in their profitability this year, compared to that seen in previous cycles.
In the first quarter, DeFi experienced significant growth, driven by Uniswap's proposal to change protocol fees. However, starting in the second quarter of 2024, decentralized finance tokens began to lose momentum.
Likewise, assets in the Layer2 sector were the most affected, recording a negative return of 40%. According to the platform's analysts, Optimism (OP) and Arbitrum (ARB), two of the main L2 solutions for Ethereum scalability, had a return rate of -54,64% and -53,71%.
The report published by Biteye was based on the analysis of the 10 most capitalized crypto assets on the market from each sector of the crypto industry, to evaluate the performance of these digital assets and provide key data on market behavior.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
