Memecoins Continue Leading The Market, Despite Crypto Market Retrace in Q2 2024

Following the highs of 2024's first quarter (Q1), the crypto market faced a retrace during the second one (Q2). Despite this, Memecoins has remained the reigning champion of the market for the last three months.

The crypto market had a rough second quarter (Q2) of 2024, with the total market capitalization declining by 14.4%, according to a report by CoinGecko. Despite this setback, memecoins remained the most popular narrative in the market, grabbing the top spot in CoinGecko’s categories web tracking with a 14.3% market share.

The memecoin sector had already shown its strength in Q2, with massive returns. Top tokens in the category delivered an average return of 1,313% in the first quarter of 2024.

Some tokens, like Dogwifhat (WIF) and Book Of Meme (BOME), became market sensations. These tokens had outstanding returns over three months, surging by over 2,000% and 1,000%, respectively.

This quarter saw a continuation of the memecoin hype, with celebrity memecoins being a major trend. Several public figures joined the crypto industry amid launches, hacks, and scam allegations.

Moreover, PolitiFi memecoins surged in popularity last week. These tokens outperformed most categories in the crypto market following Donald Trump’s failed assassination attempt.

Out of the top 15 most popular narratives, four were memecoin-related. Solana and Base memecoins also registered an 8.44% and 4.61% share, respectively.

Meanwhile, cat-themed tokens seemed to overpower Q1’s reigning champions in the memecoin sector, dog-inspired tokens. Feline-inspired tokens made it to the top 15 this quarter.

The category performed remarkably in this cycle, with tokens like Cat in a Dogs World (MEW) and Popcat (POPCAT) surging over 200%.

In addition to memecoins, Real World Assets (RWA) and Artificial Intelligence (AI) were the second and third most popular sectors, respectively. RWA tokens had an 11.3% market share, while AI tokens saw a 10.9% share of market attention.

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