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2024 Crypto Market Review: AI and Meme Coins Soar Layer 2 Lags Behind
2024 Crypto Market Theme Review: AI and Meme Coins Outperform, L2 Sector Underperforms
In order to fully grasp the development trend of the cryptocurrency market, this article provides an in-depth analysis of the main narrative themes of the cryptocurrency market from January 1 to December 29, 2024, based on market data from a data platform. By tracking the performance of the top 10 tokens in each theme, calculate their average return relative to the beginning of the year (or the first trading day). The study selects the representative tokens with the top market capitalization at the end of the period, and excludes specific public chain ecology and sectors with high overlap with other themes. The results show significant differences in annual returns across different narrative themes, ranging from -20.7% to +2,939.8%.
! Crypto narrative annual performance: AI and Meme rose more than 20 times, L2 fell 20.7% to the bottom
AI and Meme coins have become hot spots in the market
The brightest crypto narrative theme for 2024 is the AI sector, which has gained an average of 2,939.8% year-to-date (YTD). It was followed by the Meme coin sector, with a year-to-date return of 2,185.1%. These two sectors have yielded more than twice as much as other popular narrative themes.
The Meme coin zone started to significantly lead in March, with a monthly return soaring from 96.6% to 1,713.1%. Despite severe volatility, the Meme coin has maintained the highest returns for most of 2024. However, after reaching a historic high return of 3,211.4% on December 9, the zone experienced a correction as market interest waned.
In contrast, the AI sector ended the year with a strong rebound, with yields almost doubling from 1,598.1% to 2,939.8% in December. This is mainly due to the explosive growth of an AI proxy platform, which has also become the largest token in the cryptocurrency market this year. In the end, the AI sector surpassed the Meme coin at the end of December to become the annual revenue champion.
The Real World Asset (RWA) sector ranked third with an average annual return of 819.5%. The sector started the year on a solid note, yielding 365.3% by April 12 before moving sideways over the next six months. In November, driven by the rise in the price of a certain token, the RWA sector resumed its upward trend.
The Layer 1, DePIN and DeFi sectors were flat
The Layer 1, Decentralized Physical Infrastructure (DePIN) and Decentralized Finance (DeFi) sectors will perform similarly in 2024, recording returns of 142.5%, 135.4% and 101.4%, respectively. This means that Layer 1 and DePIN have only marginally outperformed Bitcoin's 125.5% gain over the same period, while the DeFi sector has not even outperformed Bitcoin.
In other words, conservative investors can earn as much as at least three main narrative themes by simply holding Bitcoin.
Gaming and Layer 2 sectors are underperforming
GameFi and Layer 2 emerged as the worst-performing sectors in 2024, not even as fast as Ethereum's 49.0% gain. Specifically, the GameFi sector rose just 14.7% for the year, with six of the top 10 gaming tokens seeing declines ranging from 3.1% to 32.9%.
Layer 2 was the only sector to record negative returns this year, down 20.7%. Amid the trend of projects looking to launch their own Layer 2 solutions, seven of the top 10 Layer 2 tokens fell in price, ranging from 6.3% to 75.3%.
Crypto Assets Narrative Annual Yield Ranking
The performance of the crypto narrative in 2024, ranked by the average annual price returns of its 10 largest coins:
! Crypto narrative annual performance: AI and Meme rose more than 20 times, L2 fell 20.7% to the bottom
This ranking clearly shows the relative performance of major narrative themes in the crypto market for 2024, providing valuable reference information for investors and market analysts.
! Crypto narrative annual performance: AI and Meme rose more than 20 times, L2 fell 20.7% to the bottom