These 11 crypto tokens fit the cycle’s narrative while most altcoins bleed in Q2 2024
- Crypto analyst notes that 8% of altcoins noted positive performance in Q2 2024.
- Eleven tokens in the meme coin, AI, DePin and other categories fit the narrative of the cycle could offer gains to holders.
- Crypto is currently facing a bloodbath, with most tokens extending their losses on Tuesday, market cap drops under $2.5 trillion.
The crypto market has experienced a decline in prices this week, most altcoins wiped out their gains in the past 24 hours. Bitcoin is ranging close to $65,000, while narratives like meme coins, Artificial Intelligence (AI), DePin and others gain traction in this cycle.
Research by analyst Crypto Koryo shows that only 8% of altcoins have shown positive performance in Q2 2024. Of this 8%, 11 tokens are aligned with the narrative and could see recovery.
Top 11 tokens for the ongoing cycle
Crypto Koryo, analyst and researcher, analyzed several categories of altcoins in Q2 2024 and listed the best and worst-performing altcoins. Eleven tokens from various narratives like Gaming, AI, meme coin, DePin, Real World Asset (RWA) tokenization, among others, are best fitted to perform this cycle, per Koryo’s analysis.
Best and worst performing altcoins since the beginning of Q2 2024
The list features: Brett (BRETT), JasmyCoin (JASMY), Toncoin (TON), Pepe (PEPE), Ondo (ONDO), Kaspa (KAS), Ethereum Name Service (ENS), Mantra (OM), Mog Coin (MOG), Pendle (PENDLE), and Gnosis (GNO).
Price performance of the 11 tokens as seen on CoinGecko
Koryo identified projects with high mindshare (attention from traders) associated with one or more of the narratives. The performance of the 11 tokens in Q2 is rationalized by these factors and offers an insight into what to expect from these assets in the coming months.
The tokens belong to different categories, offering diversification to a trader building their portfolio. One of the highlights is that most assets have not been listed in 2024. The tokens did not see heavy venture capital (VC) unlocks and outperformance is likely linked to community and interaction of holders on crypto Twitter.
From the on-chain perspective, the assets have seen an increase in revenue, new users and transaction count since April 2024.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
