The leading crypto exchange’s research arm by trading volume says one growing digital asset sector is far outpacing the rest.
According to a new study According to Binance Research, memecoins will drive crypto awareness by 2024.
“Memecoins have generated a significant amount of activity among traders and attracted remarkable attention within the crypto community. Considering that memecoins have been the best performing sector to date, returning a whopping 279%, it is not surprising that it is a sector that has attracted a lot of interest.”
Coinbase’s Ethereum (ETH) layer-2 chain Base and ETH competitor Solana (SOL) are the two blockchains leading the memecoin wave, according to Binance Research.
Binance notes that crypto projects related to emerging artificial intelligence (AI) technologies have also driven interest from crypto consumers.
The research also shows that the decentralized finance (DeFi) subsector will find new life in 2024.
“2024 has seen substantial capital inflows into Decentralized Finance (‘DeFi’), increasing TVL (total value locked) by 72.8% year-to-date (‘YTD’) to $94.1 billion , from $54.4 billion at the time the beginning of the year. This momentum has benefited virtually every DeFi sector, both large and niche, leading to the rise of protocols that make previously inaccessible financial primitives available online.”
Looking ahead 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 watch.
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