Web3 gaming is the worst-performing category in Q2: MYTH, PRIME, YGG face double-digit losses
|- Web3 gaming is the worst-performing narrative of Q2 2024 among top crypto categories this cycle.
- Mythos, Echelon Prime, Yield Guild Games noted double-digit declines in the past week, per CoinGecko data.
- Relative strength of most top crypto narratives is negative compared to meme coins, per DYOR data.
A crypto analyst ranked different categories of cryptocurrencies by their performance in the second quarter of 2024. Meme coins ranked first, while Gaming Finance (GameFi) ranked last in terms of Relative Strength, among other metrics.
Mythos (MYTH), Echelon Prime (PRIME), and Yield Guild Games (YGG) are three of the worst-performing GameFi tokens that rank in the top 300.
Web3 Game Fi: Worst performing crypto category in Q2 2024
Data from crypto intelligence tracker DYOR shows the relative strength of different crypto token categories, compared with each other and against Bitcoin. Meme coins are the only tokens with a positive relative strength, while most others are negative, as seen in the chart below.
Meme coins, Layer 1, and blockchain service tokens are the top 3, while DeFi, DePIN, and Web3 Game Fi are the bottom 3, according to the chart.
Relative Strength of Crypto Narratives on DYOR
Hitesh Malviya, the analyst behind the X handle @hmalviya9, notes that the best performer among meme coins was DEGEN token, which offered over 1,000% gains to holders.
Among the worst performers of the Web3 Game Fi category, as seen on CoinGecko,
- MYTH (ranked 260 by market capitalization) is down over 20% in the past seven days
- PRIME (ranked 187) is down 17% in the same timeframe
- YGG (ranked 252) is down nearly 10%
Malviya predicts that Q3 early trends favor Blockchain services infra, meme coins, Liquid Staking Tokens (LSTs), and Layer 1 tokens.
crypto market Q2 Results:-
— hitesh.eth (@hmalviya9) June 28, 2024
> Best Performing Narrative: Memecoins
> Worst Performing Narrative: Web3 Gaming
> Best Performer in Memes: $DEGEN > +1000%
> Worst Performer in Web3 Gaming: $DGI < -89.7%
Q3 Early trends are in Favour of Blockchain Service Infra, Memecoins, LSTs and… pic.twitter.com/heISG2Tmzq
crypto market Q2 Results:-
— hitesh.eth (@hmalviya9) June 28, 2024
> Best Performing Narrative: Memecoins
> Worst Performing Narrative: Web3 Gaming
> Best Performer in Memes: $DEGEN > +1000%
> Worst Performer in Web3 Gaming: $DGI < -89.7%
Q3 Early trends are in Favour of Blockchain Service Infra, Memecoins, LSTs and… pic.twitter.com/heISG2Tmzq
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.