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16/07/24
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Memecoins Dominated Most Popular Crypto Narratives in the Second Quarter
On July 16, CoinGecko released its crypto industry report for the second quarter of this year, noting that Meme Coins, Real World Assets (RWA), and Artificial Intelligence (AI) were the most popular narratives.
The three categories captured 37.5 percent of market share for web traffic, similar to the first quarter of this year. Meme coins were the most popular narrative, capturing 14.3 percent of market share for web traffic.
“Meme coins dominated the chart, with 4 of the top 15 most popular crypto narratives being meme coin related. Meanwhile, 4 out of 49 blockchain ecosystems, Solana, Ethereum, Base, and TON made it into the top 15 crypto narratives. Solana and Base were the most popular ecosystems, capturing 22.9% share of market attention,” reads the report.
Real-world assets and AI captured 11 percent and 10 percent of the market share respectively. Solana and Base were home to the most popular memecoins, with the two networks capturing almost 23 percent of the share.
Furthermore, CoinGecko revealed that the Ethereum network was inflationary during the quarter as 107,725 ETH was burned and an aggregate of 120,818 ETH was added to the supply. However, there was a 66.7 percent decline in the burn rate of ETH on a quarterly basis, based on a decline in gas fees and slowing network activity.
The leading ten centralized exchanges (CEXs) saw spot trading volume valued at $3.40 trillion, representing a 12.2 percent decline on quarterly basis, in line with the overall crypto market performance.
Binance saw a decline in trading volume but remained the largest CEX, ending last month with a market share of 45 percent. Bybit overtook Upbit and became the second-largest spot CEX with its market share increasing to 12.6 percent last month.
The leading ten decentralized exchanges (DEXs) saw spot trading volume valued at $370.7 billion, representing a 15.7 percent increase on a quarterly basis, “having benefited from a surge in meme coins and the many airdrops throughout Q2.”
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