Are Meme Coins the Most Profitable Cryptocurrency Niche Ever in 2024?
The first half of 2024 is over, and on-chain experts have compiled data to identify the profitable sectors of the year so far.
According to independent crypto journalist Colin Wu, memecoins have become the most profitable sector in the first half of 2024, followed by Real World Assets (RWA) and Artificial Intelligence (AI).
Memecoins Are Emerging as the Most Profitable
Using CoinGecko data, Wu analyzed the price return ratio of the top ten tokens by market cap in each sector by comparing their average daily price returns to their prices at the beginning of the quarter. The tokens were selected based on their rankings on the last day of the quarter.
Memecoins recorded an average return rate of 2405.1% in 2024. Three of the top ten memecoins by market cap as of June 19 were tokens launched in March-April. These include Brett (BRETT), Book Of Meme (BOME) and DOG•GO•TO•THE•MOON (DOG).
Brett had the highest return rate with a 14353.54% increase from the issue price, while another important project, dogwifhat (WIF), increased by 933.93%.
DeFi and GameFi Left Behind
The profitability of memecoins is 8.6 times higher than the RWA sector, which has a 213.5% return rate, and at least 500 times higher than the least profitable sectors, which include decentralized finance (DeFi), GameFi, and Layer 2.
Heavily discussed in traditional finance as giants such as asset manager BlackRock invest, RWA briefly became the most profitable sector in February. The top RWA tokens by market cap include Mantra (OM) and Ondo (ONDO), which are up 1,123.8% and 451.12% respectively.
Additionally, the AI industry has seen an average return rate of 71.6%; Tokens such as arkham (ARKM) and AIOZ Network (AIOZ) recorded gains of 215.5% and 192.19% respectively.
Sectors such as Decentralized Physical Infrastructure Networks (DePIN) and Layer 1 have shown steady growth, reaching returns of 58.7% and 43% respectively. Wu said that DePIN has great growth potential and is one of the sectors that has been capitalized in this bull market.
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