The research arm of the leading crypto exchange by trading volume says that one growing sector of digital assets is far outpacing the rest.
According to a new study by Binance Research, memecoins are driving crypto awareness in 2024.
“Memecoins have driven a significant amount of activity among traders and captured a notable amount of attention within the crypto community. Considering that memecoins have been the top performing sector year-to-date and have returned a staggering 279%, it is hardly surprising that it has been a sector that has garnered much interest.”
Coinbase’s Ethereum (ETH) layer-2 chain Base and ETH-competitor Solana (SOL) are the two blockchains leading the memecoin surge, according to Binance Research.
Binance notes that crypto projects associated with emerging artificial intelligence (AI) technologies have also driven crypto consumer interest.
The research also finds that the decentralized finance (DeFi) sub-sector has found new life in 2024.
“2024 has seen a substantial influx of capital into Decentralized Finance (‘DeFi’), driving the TVL (total value locked) up 72.8% year-to-date (‘YTD’) to US$94.1B, from US$54.4B at the year’s start. This boost has benefited nearly every DeFi sector, across both major and niche markets, leading to the emergence of protocols that are making previously inaccessible financial primitives available on-chain.”
Looking forward to the rest of the year, Binance highlights the tokenization of real-world assets and the growing Bitcoin (BTC) ecosystem as other crypto sectors to keep an eye on.
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The post Memecoins Are the Top Performing Narrative This Year, With Base and Solana Leading the Way: Binance Research appeared first on The Daily Hodl.