As the first half of 2024 comes to a close, the crypto market has delivered a clear message: meme coins are dominating the returns landscape. While Bitcoin (BTC) peaked near $70,000 earlier in the year and has since settled into a sideways trend, the real profits have emerged not from traditional blue-chip narratives—but from an unexpected source: culture-driven, community-powered meme tokens.
This isn’t the era of “easy money,” but if you’re asking which sector delivered the highest returns from January to June 2024, the answer is unequivocal. Let’s break down the performance of major crypto sectors based on year-to-date (YTD) price gains—using data from CoinGecko as of June 21—and explore where value truly materialized.
Meme Coins: The Undisputed Leader in 2024 Returns
If there’s one phrase that captures the sentiment of this bull cycle so far, it’s:
“Value investing left empty-handed, all-in on MEME built a palace.”
Meme coins have outperformed every other crypto sector by a staggering margin. The top 10 meme tokens by market cap generated an average YTD return of 2,405.1%—more than 8 times higher than the second-best-performing sector.
Three newly launched tokens—Brett (BRETT), Book of Meme (BOME), and Dog•Go•To•The•Moon (DOG)—entered the top 10 meme coin rankings between March and April, fueling mid-year momentum. BRETT led the pack with a jaw-dropping 14,353.54% gain from its initial price, while dogwifhat (WIF) surged 933.93% YTD, igniting widespread retail enthusiasm and social media virality.
To put this in perspective:
- Meme coin returns were 8.6x higher than RWA (Real World Assets)
- Over 540x higher than DeFi
- And infinitely better than Layer 2, which posted negative returns
Clearly, 2024 has rewarded speed, narrative strength, and community energy over fundamentals alone.
RWA: Institutional Narrative With Real Gains
Coming in second place, RWA (Real World Assets) achieved an impressive 213.5% average return YTD. Once briefly the top-performing sector in February, RWA maintained strong momentum despite being overtaken by meme mania.
Backed by institutional interest—including moves from BlackRock—the RWA narrative bridges traditional finance and blockchain innovation. Key performers include:
- MANTRA (OM): +1,123.8%
- Ondo (ONDO): +451.12%
However, not all projects thrived. XDC Network (XDC) declined by 44.38%, highlighting the risks in this still-emerging space. Most RWA projects remain early-stage, making them high-risk but potentially high-reward opportunities for forward-looking investors.
AI in Crypto: Steady Growth Amid Hype
Artificial Intelligence met blockchain with tangible results in early 2024. The AI crypto sector delivered a solid 71.6% average return, ranking third.
Anticipated by analysts at Messari and other research firms, AI integration in decentralized networks gained traction through infrastructure and analytics platforms. Top gainers included:
- Arkham (ARKM): +215.50%
- AIOZ Network (AIOZ): +192.19%
- Fetch.ai (FET): +116.00%
Render (RNDR), though slightly behind at +57.47%, remained a key player due to its GPU rendering network serving AI training needs.
The AI + crypto thesis continues to attract developer attention and venture capital, suggesting long-term viability beyond short-term price action.
DePIN & Layer 1: Building Infrastructure With Momentum
DePIN: From Slow Start to Strong Finish
Decentralized Physical Infrastructure Networks (DePIN) turned around after a sluggish start. After posting negative returns in early Q1, the sector rebounded to deliver 58.7% average growth.
Top performers:
- JasmyCoin (JASMY): +323.42%
- Arweave (AR): +174.07%
- Livepeer (LPT): +116.06%
Helium (HNT), once a leader, fell sharply (–50.94%), reflecting challenges in tokenomics and migration issues.
Despite volatility, DePIN remains a compelling long-term bet. If DeFi’s market cap grows tenfold, and DePIN reaches half of that size, it could represent a $500 billion opportunity—offering up to 20x expansion potential.
Layer 1: Mixed Results With Standout Chains
The broader Layer 1 (L1) sector returned 43.0% YTD, driven more by specific chains than overall ecosystem strength.
While Solana (SOL), known for hosting viral meme coins, gained only 22.91%, other L1s outperformed:
- Toncoin (TON): +204.72%
- Binance Coin (BNB): +86.10%
Bitcoin and Ethereum held steady:
- BTC: +45.06%
- ETH: +49.65% (boosted by ETF approval speculation)
These figures suggest that while base-layer security and decentralization remain valuable, outsized gains came from ecosystems with strong utility or exchange backing.
Lagging Sectors: GameFi, DeFi, and Layer 2
GameFi: Funding Without Breakout Success
Despite significant funding inflows, GameFi saw only 19.1% average returns—one of the lowest among active sectors.
Notable performers:
- FLOKI: +362.79% (blurring lines between meme and gaming)
- Ronin (RON): +21.16%
But many major tokens declined:
- GALA: –13.43%
- IMX: –32.02%
The lack of viral hits suggests gameplay innovation hasn’t yet matched financial incentives.
DeFi: Early Boost Fizzled Out
DeFi started strong, especially after Uniswap’s fee switch proposal in February, but momentum faded in Q2. The sector ended up with just 3.4% average returns.
Maker (MKR) stood out with a +49.88% gain, benefiting from protocol revenue and governance activity.
Layer 2: The Biggest Disappointment
Layer 2 solutions posted the worst performance: an average loss of –40.59%.
Major setbacks:
- AEVO: –85.40%
- Starknet (STRK): –63.16%
- Optimism (OP): –54.64%
- Arbitrum (ARB): –53.71%
Only Mantle (MNT) bucked the trend with a +26.09% return, thanks to its yield-efficient design and treasury management.
This underperformance highlights investor skepticism about L2 monetization models amid rising competition and low usage fees.
How Were These Results Calculated?
This analysis uses CoinGecko data from January 1 to June 21, 2024. For each sector, we calculated the average daily price return of the top 10 tokens by market cap as of June 21.
For tokens launched during the period, returns were measured from their first listed price. Projects were grouped into non-overlapping categories, excluding niche or hybrid sectors for clarity.
Only established sectors with sufficient market depth were included—ensuring comparability across verticals.
Frequently Asked Questions (FAQ)
What made meme coins so profitable in 2024?
Meme coins thrived due to low entry barriers, viral social media campaigns, celebrity endorsements, and high-risk appetite among retail investors. Platforms like Solana enabled rapid deployment and trading, creating feedback loops of speculation and FOMO.
Is RWA sustainable beyond 2024?
Yes—RWA connects blockchain with real-world assets like bonds, real estate, and loans. With institutional adoption growing (e.g., BlackRock’s BUIDL fund), this sector has strong fundamentals and long-term scalability potential.
Why did Layer 2 projects perform poorly?
Despite technical progress, most L2s struggle with monetization and user retention. High competition, minimal fee income, and delayed token utility caused investor disillusionment—even as Ethereum scaling improved.
Can DePIN really reach $500 billion?
It’s ambitious but plausible. If decentralized infrastructure gains trust for storage, compute, wireless, and sensing networks—and captures even a small share of global infrastructure spending—the growth runway is massive.
Are AI crypto tokens overhyped?
Some are, but leaders like RNDR and FET solve real problems in AI compute distribution and agent coordination. As AI demand grows, so will the need for decentralized alternatives to Big Tech-controlled resources.
Should I ignore DeFi and Layer 2 entirely?
Not necessarily. While short-term returns lagged, both sectors underpin the ecosystem's functionality. Long-term investors may find value in protocols with strong cash flows or innovative governance models.
The first half of 2024 made one thing clear: narrative and community can outpace fundamentals in a bull market. But as we move toward the second half, sustainability will matter more.
While meme coins captured headlines—and wallets—sectors like RWA, AI, and DePIN offer deeper technological promise. Smart investors balance between chasing momentum and positioning for structural shifts.
Whether you're riding the meme wave or building for tomorrow’s infrastructure, now is the time to understand where value truly emerges in this evolving landscape.
Core Keywords: meme coins 2024, RWA crypto, AI blockchain projects, DePIN crypto, Layer 1 performance, DeFi returns, cryptocurrency market trends