According to PANews, the crypto market has experienced a roller coaster of sharp declines and surges recently. Golden Finance analyzed the performance of the top 50 cryptocurrencies by market value since the beginning of the year.
60% of the tokens have wiped out their gains this year; the two MEME tokens, WIF and PEPE, have seen the highest increases, and 2024 may be the year of MEME coin explosion; TON is the best performing of all public chain tokens, with an increase of 150.17% from the beginning of the year; in addition, BNB, SOL, LEO and KAS have increased by nearly 50%.
There are 29 tokens with lower prices than at the beginning of the year, and the top five with the largest declines are ARB, OP, MATIC, INJ, and ATOM. The main factors affecting the decline of the above tokens are token unlocking, token inflation, and poor token utility.
ETH has recently been sold off by institutions, market makers and large whales, and its overall performance has been poor.
2024 may be the year of MEME token explosion. The top three tokens with the highest growth are all MEME tokens, and the Trump concept token on Solana has an even higher growth rate.
By consolidating the performance of the top 50 tokens this year, in addition to the sharp correction in the current overall market, the poorly performing tokens all have factors that cannot be ignored, such as large-scale unlocking, inflation, poor ecological performance, and weak practical functions of tokens. The MEME token has the characteristics of high growth and high amplitude. While investors strive for returns, they cannot ignore the related risks.
