As an experienced analyst, I find the data compiled by Colin Wu on the profitable sectors in H1 2024 intriguing. Memecoins have taken the lead with an average return rate of 2405.1%, which is 8.6x higher than that of Real World Assets (RWA) and at least 500x more than the least profitable sectors like decentralized finance (DeFi), GameFi, and Layer 2.
As a data analyst, I’ve reviewed the on-chain performance for the first half of 2024 and identified profitable sectors based on available data.
As a researcher investigating the cryptocurrency market trends, I’ve come across some intriguing findings from independent crypto reporter Colin Wu. Based on his coverage, memecoins emerged as the most lucrative sector during the first half of 2024. Surprisingly enough, Real World Assets (RWA) and Artificial Intelligence (AI) followed closely behind in profitability.
Memecoins Emerges as Most Profitable
Wu examined the average daily price gains of the top ten cryptocurrencies in each sector according to market capitalization, as obtained from CoinGecko. He calculated this by comparing their prices at the end of each quarter’s day to their prices at the start of the quarter. The tokens were chosen based on their rankings from the last day of the quarter.
In the year 2024, memecoins have yielded an impressive average return of approximately 2405.1%. As of June 19th, three of the top ten memecoins by market capitalization were introduced around March and April. These notable tokens are: Brett (BRETT), Book Of Meme (BOME), and DOG•GO•TO•THE•MOON (DOG).
Among all projects, Brett achieved the most impressive gain, amounting to a staggering 14353.54% increase since its initial price. In comparison, dogwifhat (WIF) also showed significant growth with a return of 933.93%.
I’ve noticed a shift in market sentiment lately. The once revered strategy of value investing has been cast aside in favor of jumping aboard the hype train, with the rallying cry being “MEME stocks will make you rich, forget value investing and live in luxury.” This trend has gained traction over the past few months.
DeFi and GameFi Lag Behind
Memecoins yield a profitability 8.6 times greater than the Real World Assets (RWA) sector, with a return rate of 213.5%. In contrast, the least profitable sectors, such as Decentralized Finance (DeFi), GameFi, and Layer 2, have profitabilities at least 500 times lower.
In February, Real World Assets (RWA) surpassed other sectors in terms of profitability due to widespread attention in the financial industry. Notable players like BlackRock, a major asset manager, showed interest by investing in this sector. Two leading RWA tokens, Mantra (OM) and Ondo (ONDO), experienced significant growth with price increases of 1123.8% and 451.12% respectively.
In addition, the artificial intelligence industry experienced a solid average return of 71.6%. Notably, specific tokens such as Arkham (ARKM) and AIOZ Network (AIOZ) achieved impressive gains, amounting to 215.5% and 192.19%, respectively.
In the realm of Decentralized Physical Infrastructure Networks (DePIN) and Layer 1 technology, expansion has been consistent, with DePIN achieving a remarkable 58.7% return and Layer 1 posting impressive gains of 43%. Wu expressed optimism about DePIN’s immense growth potential, highlighting it as a sector that has greatly benefited from this bull market.
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2024-06-30 13:26