According to the results of the second quarter, meme tokens with a share of 14.34% turned out to be the most popular narrative in the cryptocurrency ecosystem. Such data were provided in the report by CoinGecko experts.
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After nearly breaching all-time highs in 2024 Q1, the total crypto market cap returned some of those gains in Q2, dropping 14.4%, closing at $2.43T in June.
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Next in the ranking are tokenized assets, real world assets (RWA) with an indicator of 11.3% and artificial intelligence — 10.09%.
In total, these three leading categories occupied 35.7% of the market share.
Meme tokens also turned out to be in the top in connection with certain networks like Solana and Base's L2 solution. These same protocols dominated the blockchain segment along with Ethereum and TON, which were in the top 15 of the general list.
Data: CoinGecko.Analysts also noted a number of other notable points for April-June.
Bitcoin has lost in value and hashrate
The first cryptocurrency ended the second quarter at $62,734 with a drop of 11.9%. The average daily trading volume of digital gold also decreased to $26.6 billion, which is 21.6% less than in the previous period.
"The quarter ended with market participants being scared by the news that Mt.Gox had begun moving its 140,000 BTC reserves, while the German government was selling off confiscated bitcoins," CoinGecko experts noted.
Against this background, the total capitalization of the crypto market decreased by 14.4% ($408.8 billion) and by the end of June amounted to $2.43 trillion. The S&P 500 index, on the contrary, continued to grow, ending the quarter with +3.9%. This led to the fact that the correlation between the two metrics dropped sharply from 0.84 to 0.16.
The volatility of cryptocurrencies remained high, analysts stressed. For the market as a whole, the indicator was 48.2% against 46.7% for bitcoin and 12.7% for the S&P 500.
Data: CoinGecko.The hashrate of the digital gold network reached a historic high at 721 EH/s on April 23. However, at the end of the three-month period, the computing power of the blockchain decreased by 18.8%. This is the first quarterly decrease in the indicator in two years.
"Despite the drop in hashrate, there was a flurry of activity in the industry. Companies like BitDigital, Hive, Hut 8, TeraWulf and Core Scientific have expanded into the field of AI or are planning to do so. Meanwhile, Tether has announced investments of $500 million in the mining sector, and Block has completed the development of its 3-nm chip for bitcoin mining," the report says.
In early July, it became known that the first buyer of mining processors from Jack Dorsey's company would be Core Scientific. The parties announced the volume of the transaction only in the context of the hashrate — 15 EH/s. According to Bernstein analysts, in monetary terms, we are talking about $ 300 million.
Is the activity flowing to DEX?
Spot trading volumes on centralized exchanges in the second quarter amounted to $3.4 trillion — 12.2% less than in January-March. The reduction in the indicator roughly corresponds to a decrease in the total capitalization of cryptocurrencies.
Binance remained the largest spot decentralized CEX exchange, ending June 2024 with a 45% market share. Bybit took the second position, adding 12.6% in trading volumes and ahead of Upbit.
Data: CoinGecko.Of the top 10 platforms, only four showed growth: in addition to Bybit, these are Gate, Bitget and HTX.
On decentralized exchanges, spot trading volume increased by 15.7% in the quarter to $370.7 billion. According to CoinGecko experts, this was facilitated by the boom in the meme token segment and numerous airdrops.
Uniswap still dominates among DEX with a 48% share. However, the bottom lines of the top ten are under pressure from fast-growing platforms such as Thruster on Blast and Aerodrome on Base. Having entered the top 10, these exchanges continued to increase volumes: +464.4% and +297.4% for the period, respectively.
Data: CoinGecko.Among the notable trends of the second quarter, CoinGecko experts noted Ethereum inflation. During the period, the market supply of cryptocurrencies increased by about 120,000 coins. While 228,543 ETH were released, the incineration mechanism destroyed only 107,725 ETH.
During the quarter, there were only seven days when the number of assets in circulation decreased.
Recall that in May, CoinGecko experts compared blockchains in terms of speed.