We tracked token performance across categories from January to May 2024, projecting trends into December. The analysis was based on the top 200 blockchain projects by market cap.

Methodology

Each project in the top 200 was categorized, using sources from a combination of data from the various projects, and CoinmarketCap. The data was extracted for the price and daily volumes were averaged for January and May and then compared.

Results and Observations

The results on growth rate in price and volume compared between January and May is presented below.

Note that in the categorization, there were some projects that could potentially fit into two or more categories, but the closest fit was selected. We believe the number of projects in the categories will even out any variances that could be derived from different classification decisions.

The data showed that meme coins, RWAs, and AI related tokens are the early growth leaders. And as we saw in past cycles, application areas with little utility that led the cycle’s mania, such as ICOs in 2017, and NFTs in 2021 tend to be repudiated in the next cycle. Based on the data, we expect to see RWAs to continue to attract more serious developers and meme tokens to continue to attract a lot of attention from some of the less skilled developers and newer users into the blockchain space.