- Memecoins hold the top 3 places among the tokens.
- WIF is by far the best-performing token.
- Utility tokens also make up a large share of the top 10 best.
With crypto assets’ constant volatility and daily large moves, it is often easy to miss the big picture. While Bitcoin experienced significant ups and downs, the longer-term trends tell a different story.ย
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In 2024, Bitcoin remains a leading asset, with only 23 out of the top 100 tokens managing to surpass its year-to-date (YTD) gains.
Memecoins Lead 2024’s Crypto Market
On Friday, June 7, data highlighted by WuBlockchain shows only 23 out of the top 100 tokens outperforming Bitcoin in YTD gains. With a market cap of $711.49 billion and YTD growth of 68.82%, Bitcoin showed a robust performance.
The data also shows that memecoins, especially those on Solana, were among the best-performing assets this year. The first, by far, was dogfight (WIF), with a staggering 2008.32% increase in the same period. Following it were PEPE and FLOKI, with gains of 975.65% and 770.74%ย
ย Many of these memecoins were launched only recently, with WIF launching on December 2023, and have not even had a whole year of trading so far. Despite that, thanks to an explosion of memecoin interest in the Solana blockchain, they have shown impressive performance. However, memecoins are not the only category that outperformed Bitcoin.ย
Utility Tokens In the Top 10
In addition to memecoins which led in terms of gains, there were many top-performing utility tokens. The first among them was JasmyCoin (JASMY), which focuses on empowering individuals to control and monetize their IoT data. It saw a 558% increase in price YTD.
Nervos Networkโs CKB token, which aims to provide a universal blockchain platform supporting multiple protocols, has seen YTD gains of 393.33%. This growth underscores the strong investor interest in scalable and interoperable blockchain solutions. Similarly, Arweaveโs AR token, designed for decentralized permanent data storage, has posted YTD gains of 331.76%.
Notable mentions include Pendle (PENDLE), focusing on tokenized yield management, and Fetch.ai (FET) which integrates AI with blockchain for process optimization. The performance of these tokens shows that the markets appreciate tokens with utility.
On the Flipside
- While memecoins can rise substantially, their lack of utility means that they are inherently volatile and speculative assets.
- Some stocks, including NVIDIA with its YTD return of 144.33%, outperformed many crypto tokens.
Why This Matters
Bitcoinโs notable performance, despite its large market cap, suggests that it is still in a strong position in the crypto market.ย ย
Read more about the most recent memecoin trends on Solana:
How Solana Became the Home of Memecoin Token Launches
Read more about the recent surge in celebrity memecoins:
Azalea Takes on Buterin: Are Celebrity Cryptos Here to Stay?
