Crypto Winners and Losers from Q2 Revealed, as Meme Coins Falter
It’s been another dramatic quarter for crypto, with news coming in left, right, and center. Here’s just a flavor of the top headlines between April and June:
Overall, BTC shed almost 12% of its value in Q2 of 2024 as it struggled to build upon the fresh all-time high of $73,686.93 seen in the middle of March. The world’s biggest cryptocurrency also ended up suffering its worst quarter since the last three months of 2022 as it battled to retain some bullish momentum.
Here’s how the top 20 coins by market cap (excluding stablecoins and wrapped coins) fared in Q2:
It’s interesting to see such a mixed bag of fortunes among the biggest altcoins — and pretty staggering that Avalanche lost 46% of its market cap in the space of just three months. This is likely a reflection of some pretty gloomy numbers over the quarter.
Data from Coin98 Analytics on X suggests income from fees is down 53.3% year on year. What’s more, the $3.5 million earned in Q2 plummeted 53.3% in a single quarter. Average active daily addresses have dwindled to 43,480, compared with 58,870 a year ago, while there’s also been a 90.46% reduction in the number of new NFTs being created in the past 12 months.
Solana’s stomach-churning drop of 28% could be a sign that it’s now a hostage to fortune, with the native token’s future performance determined by the health of the meme coin market. With the likes of Australian rapper Iggy Azalea shilling her MOTHER token on X, and the Argentinian footballing great Lionel Messi plugging WATER on Instagram, there seems to be more attention on the flash-in-the-pan tokens being created on this blockchain than on SOL itself. Dogecoin and Shiba Inu’s declines similarly indicate that “gem hunters” have fallen out of
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