The first half of 2024 is nearly behind us, and while Bitcoin (BTC) briefly soared past 70,000—breaking its previous all-time high—there hasn’t been a sustained bullish momentum to match the euphoria of past cycles.
Markets have oscillated in a volatile range for months. The ambitious financial goals set at the start of the year may feel shaky, but one truth remains: the main bull run hasn’t arrived yet. Opportunities are still emerging across the crypto landscape. Now is the perfect time to pause, reflect, and assess which sectors have delivered the strongest returns so far.
Based on year-to-date (YTD) performance from January 1 to June 21, 2024, this analysis ranks major crypto sectors by average price return of their top 10 tokens by market cap. Data is sourced from CoinGecko and offers a clear picture of where value has been created—and where it hasn’t.
Meme Coins Dominate with Explosive Gains
If you’ve spent any time in crypto communities recently, you’ve likely heard the phrase: “Value investing got me nothing; going all-in on MEMEs got me a palace.” It’s more than just a joke—it’s becoming a trend.
Meme coins have emerged as the undisputed top performers of 2024, delivering an astonishing average return of 2,405.1%. This dwarfs every other sector and highlights the speculative energy driving this market cycle.
Three notable meme tokens launched between March and April—Brett (BRETT), Book of Meme (BOME), and Dog•Go•To•The•Moon (DOG)—quickly climbed into the top 10 largest meme coins by market cap.
- BRETT led the pack with a jaw-dropping 14,353.54% surge from its launch price.
- Dogwifhat (WIF) rose 933.93% YTD, sparking one of the most viral meme coin rallies of the year.
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What makes this even more striking? The average return of meme coins is 8.6 times higher than the second-best sector—Real World Assets (RWA)—and over 540 times greater than DeFi, the lowest-performing major sector.
Real World Assets (RWA): Institutional Interest Drives Growth
The RWA sector, representing blockchain-based tokenization of real-world assets like bonds, real estate, and commodities, delivered a strong 213.5% average return in 2024 so far.
Backed by institutional giants such as BlackRock, RWA briefly held the top spot in February before being overtaken by meme mania. However, it regained momentum in late Q1 and remained resilient through June.
Top performers include:
- MANTRA (OM): +1,123.8%
- Ondo Finance (ONDO): +451.12%
Meanwhile, XDC Network (XDC) underperformed with a -44.38% return, underscoring that even within hot sectors, project selection matters.
Most RWA projects are still in early stages, making them high-risk but potentially high-reward opportunities for forward-looking investors.
AI and Blockchain: A Powerful Fusion
Artificial Intelligence (AI) continues to be one of tech’s most transformative forces—and in crypto, it’s no different.
The AI crypto sector posted an average YTD gain of 71.6%, ranking third overall. This aligns with predictions from firms like Messari, which highlighted AI as a key narrative for 2024.
Standout performers:
- Arkham (ARKM): +215.50%
- AIOZ Network (AIOZ): +192.19%
- Fetch.ai (FET): +116.00%
- Render (RNDR): +57.47%
These projects are building decentralized infrastructure for AI training, data sharing, and compute power—bridging two of the most disruptive technologies of our time.
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DePIN and Layer 1: Steady Momentum
DePIN: Decentralized Physical Infrastructure Networks
After a sluggish start in Q1, the DePIN sector turned around in March and achieved a solid 58.7% average return.
DePIN leverages crypto incentives to build real-world infrastructure—like wireless networks, cloud storage, and GPU clusters.
Top gainers:
- JasmyCoin (JASMY): +323.42%
- Arweave (AR): +174.07%
- Livepeer (LPT): +116.06%
However, not all projects thrived. Helium (HNT) dropped -50.94%, reflecting challenges in scaling decentralized hardware networks.
Despite mixed results, DePIN remains a high-conviction bet. If DeFi grows tenfold, and DePIN reaches half of DeFi’s future market cap, it could represent a $500 billion opportunity—offering up to 20x growth potential from current levels.
Layer 1 (L1) Blockchains
The L1 sector posted a respectable 43.0% average return.
While Solana (SOL), known as a breeding ground for meme coins, gained 22.91%, its performance lagged behind earlier highs when it briefly hit +85%.
Top performers:
- Toncoin (TON): +204.72%
- Binance Coin (BNB): +86.10%
Even blue chips like Bitcoin (+45.06%) and Ethereum (+49.65%) showed moderate gains despite ETF speculation boosting sentiment.
Lagging Sectors: GameFi, DeFi, and Layer 2
GameFi: Funding Without Breakouts
GameFi returned only 19.1%, underperforming despite significant investment inflows.
Top tokens:
- FLOKI: +362.79%
- Ronin (RON): +21.16%
But many others declined:
- GALA: -13.43%
- Immutable (IMX): -32.02%
The sector struggles to balance gameplay with sustainable tokenomics—a challenge yet to be solved at scale.
DeFi: Slow but Stable
Decentralized Finance posted just 3.4% growth YTD.
A brief rally followed Uniswap’s fee switch proposal in February, but momentum faded in Q2.
Only a few tokens performed well:
- Maker (MKR): +49.88%
Most others stagnated or declined, signaling that DeFi innovation may be plateauing without new catalysts.
Layer 2: The Worst Performer
Layer 2 solutions—the scalability layer for Ethereum—were hit hardest, with an average loss of -40.59%.
Major drops:
- AEVO (AEVO): -85.40%
- Starknet (STRK): -63.16%
- Optimism (OP): -54.64%
- Arbitrum (ARB): -53.71%
Only Mantle (MNT) stood out with a +26.09% return, thanks to its innovative treasury management and yield mechanisms.
Core Keywords
- Meme coins
- Real World Assets (RWA)
- AI crypto
- DePIN
- Layer 1 blockchains
- GameFi
- DeFi
- Layer 2 scaling
Frequently Asked Questions
Why did meme coins outperform everything else in 2024?
Meme coins thrive in low-interest-rate environments with abundant liquidity and high risk appetite. In 2024, social virality—fueled by influencers and retail traders—combined with low barriers to entry made them ideal speculative vehicles during uncertain macro conditions.
Is RWA really sustainable beyond hype?
Yes—unlike pure speculation, RWA ties digital assets to tangible value. With institutional adoption growing and regulatory clarity improving, RWA has long-term potential to bridge traditional finance and Web3.
Why are Layer 2 tokens performing so poorly?
Despite their technical importance, L2s face tough economics. Many rely on token emissions for security rather than fee revenue. Without strong usage growth or monetization models, their valuations struggle to keep pace with market sentiment.
Can DePIN really reach $500 billion in value?
It’s possible—if adoption accelerates. Projects like Helium and Render show early traction. As demand for decentralized compute and data rises alongside AI, DePIN could become critical infrastructure.
Are AI crypto projects overvalued?
Some may be, but foundational platforms like Fetch.ai and Render provide real utility in AI training and GPU rendering. As AI demand grows, so will demand for decentralized alternatives to Big Tech-controlled infrastructure.
What should investors do now?
Diversify across narratives: allocate cautiously to high-risk/high-reward sectors like meme coins and DePIN, while holding core positions in proven layers like L1s and emerging fundamentals like RWA and AI.
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Data reflects average YTD price returns from January 1 to June 21, 2024, based on the top 10 tokens per sector by market cap on the final day of the period. Newly launched tokens were measured from their first trading day. This analysis excludes niche or overlapping categories for clarity.
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.