Top Crypto Trends for the Bull Run: GameFi, Memecoins & More
The emerging top crypto trends have the market buzzing with excitement as we ramp up for the next bull run. With innovations sprouting across various sectors — including GameFi, memecoins, NFTs, Layer-2s, DePIN, and RWAs — it’s important to stay ahead of the curve and keep these top crypto trends for the next bull run on your radar.
Key Highlights
- Explosive growth in GameFi and memecoins
- Increased activity on Layer-2 solutions
- Emergence of Decentralized Social Media
- Record-breaking inflows into Bitcoin and Ethereum ETFs
Best Crypto Trends for the Bull Run: Summary
Along with many leading market analysts and key opinion leaders in the crypto industry, we believe the projects that are likely to perform the best will be those that fall into the categories of GameFi, Memecoins, NFTs, Layer 2s, SocialFi, Liquid Staking, DePIN, and RWAs.
Top 11 Crypto Market Trends To Watch in 2024
Every bull cycle is characterized by niches and trends that absolutely dominate and outperform other sectors. In 2017 it was ICOs that were making investors obscene amounts of money. In 2020, we had DeFi summer, and 2021 was characterized by NFTs and Metaverse projects. Here we are going to cover the top trends likely to perform the best during the coming bull market.
1. GameFi
GameFi is revolutionizing gaming by integrating blockchain technology, enabling players to earn rewards while playing. This trend is attracting both gamers and investors due to its innovative play-to-earn model. Games like Gala Games, Axie Infinity, Star Atlas, and Illuvium, are leading the charge, combining engaging gameplay with blockchain benefits such as true ownership of in-game assets and new monetization strategies. For example, in Gala Games’ “Town Star,” players build and manage virtual towns and compete in weekly competitions where the top players can earn GALA tokens, turning their gaming skills into real-world crypto rewards.
With GameFi expected to see huge growth, this sector is set to transform the gaming industry in exciting ways. The current GameFi market cap is ~$13.6 Billion.
Check out our picks for the 10 best Gaming Cryptos to Buy in 2024 if you want to see what projects we are excited about.
2. Memecoins
Memecoins like Dogecoin and Shiba Inu have captured the public imagination, with new entrants like Pepe Unchained making waves. These coins thrive on viral marketing and community engagement, driving significant market activity. Their speculative nature and the potential for high returns continue to attract a dedicated following, creating a unique market dynamic. The success of memecoins often hinges on their ability to generate hype and maintain a strong, active community. For instance, Dogecoin’s popularity surged due to endorsements from high-profile figures like Elon Musk.
Additionally, Telegram has become a hotspot for meme games, leveraging its vast user base to drive engagement and viral growth. Telegram recently announced the launch of a mini app store featuring a variety of games, which use interactive elements to create captivating experiences centered around meme-based tokens. These games not only entertain but also build communities around meme coins, enhancing their popularity and market presence. As these meme games continue to grow, they represent a new frontier for memecoin adoption and community engagement, highlighting the innovative and playful spirit of the crypto world.
Identifying the next big memecoin requires understanding narratives, crypto trends, and community movements — along with a dash of luck. PoliFi, a subset of memecoins could also be big as we approach the upcoming election. You can learn more about those in our article on The Top PoliFi Coins.
3. NFTs
Non-Fungible Tokens (NFTs) continue to evolve, offering unique digital ownership and expanding into various industries. NFTs are now being used in art, music, real estate, and beyond, providing new ways to monetize and trade digital assets. In the music industry, artists like Kings of Leon released entire albums as NFTs, giving fans exclusive content and ownership rights, showcasing how NFTs are revolutionizing traditional business models. More recent developments include hybrid NFTs and Bitcoin NFTs, which have introduced new layers of functionality and cross-chain capabilities.
Hybrid NFTs represent a significant evolution in the NFT space, blending physical and digital assets to create new opportunities for ownership and value exchange. For example, a hybrid NFT might grant ownership of a physical painting and a digital version of that artwork, stored securely on the blockchain. This dual ownership model ensures authenticity and provenance for the physical item while allowing the digital counterpart to be easily traded or displayed in virtual environments.
While, Bitcoin NFTs leverage the security and ubiquity of the Bitcoin network, bringing NFTs to one of the most established blockchains. This development has opened up new possibilities for NFTs, particularly in terms of security and the potential for broader adoption given Bitcoin’s widespread recognition and use.
Additionally, the intersection of NFTs with Real-World Assets (RWAs) is creating innovative opportunities in various sectors. This integration allows for the tokenization of physical assets, making them more accessible and tradable on digital platforms.
Exploring what an NFT is can help you understand their transformative potential and why they are becoming so influential across different sectors.
4. Layer-2 Solutions
Layer-2 solutions such as Base, Optimism, and Arbitrum are seeing more traffic and trading activity than the Ethereum main chain. Collectively, the Total Value Locked (TVL) of all Layer 2 solutions is worth $9.55 Billion. These platforms provide scalability and reduced fees, making them attractive for decentralized applications and users. Layer-2 solutions have emerged as one of the hottest crypto trends this cycle and are poised for continued growth.
Arbitrum is currently the market leader among Ethereum Layer 2s, with a Total Value Locked (TVL) of approximately $4.14 billion. It also processes an average of about 2 million transactions daily!
Base a newer entrant, is rapidly gaining traction with a TVL of $1.95 billion and ~3 million daily transactions. As a result, it’s quickly becoming a favored platform for new projects seeking scalability
Optimism, holds the third position with a TVL of around $885 million. Moreover, it handles approximately 500,000 transactions per day and about $189m in 24/hr volume.
The rapid growth of these Layer 2 platforms demonstrates their crucial role in addressing Ethereum’s scalability challenges. Additionally, they offer reduced fees and faster transaction times, making them attractive for decentralized applications and users. As adoption continues to increase, these solutions are likely to play an increasingly important role in the broader blockchain ecosystem.
5. Decentralized Social Media (SocialFi)
Decentralized social media platforms are emerging, promoting free speech and user control over data. Platforms like DeSo, Lens Protocol, and Mastodon aim to challenge traditional social media by decentralizing content creation and distribution. By doing so, these platforms empower users with more control over their data and content monetization, fostering a more open and fair digital environment.
For instance, a content creator using a social media platform built on Lens Protocol can monetize their content directly through decentralized finance (DeFi) mechanisms, such as tokenized tipping or NFT-based content sales. This approach not only promotes greater user autonomy but also opens up new avenues for content monetization that were previously unavailable on centralized platforms.
These advancements in decentralized social media reflect a broader trend towards more user-centric internet models, where individuals have greater control over their online presence and can benefit more directly from their digital activities.
6. Restaking & Liquid Staking
Restaking mechanisms are enhancing the security and efficiency of blockchain networks. By allowing users to stake their assets on multiple networks, restaking provides additional rewards and increased network security. Projects like EigenLayer, Lido, and Rocket Pool are pioneering this space, offering innovative solutions to improve blockchain performance and user incentives.
One key advantage of restaking is the flexibility it offers compared to regular staking. For instance, Lido allows users to stake their Ethereum without the need for the traditional 32 ETH minimum requirement and without any lock-up period. Users can stake their Ethereum to secure the network while also receiving stETH tokens in return. These stETH tokens can then be used within the DeFi ecosystem to earn additional rewards, effectively maximizing their earning potential and enhancing the security of multiple networks simultaneously. This approach not only makes staking more accessible but also provides users with greater liquidity and the opportunity to optimize their returns.
7.DePIN
Decentralized Physical Infrastructure Networks (DePIN) are transforming the way we build and manage infrastructure by utilizing blockchain technology and decentralized principles. Unlike traditional, centrally controlled systems, DePINs empower communities to participate directly in the development and maintenance of physical infrastructure, from energy grids to telecommunications networks. By leveraging decentralized networks, token-based incentives, and transparent governance, DePINs offer a more efficient, resilient, and democratic approach to infrastructure, paving the way for a more inclusive and innovative future.
Filecoin, for example, is a decentralized storage network where participants earn FIL tokens for providing storage services. Other significant DePIN projects include Render, and Akash, which incentivize users to supply GPU computing power. Helium is another key player, offering a decentralized wireless network that rewards users for extending network coverage with hotspots.
The growing momentum in DePIN protocols shows a significant shift in how we approach infrastructure development, marking a notable trend in the crypto space.
8.RWAs
Tokenizing real world assets (RWAs) means turning them into blockchain-based tokens backed by underlying assets, such as equities, bonds, and commodities.
Tokenizing RWAs breaks down high-value assets into smaller, more manageable pieces that can be traded easily. This process is also known as fractionalized ownership. Tokenizing assets in this fashion not only democratizes access to these assets but also enhances portfolio diversification and brings real-world goods to a global market. Plus, blockchain’s transparency means secure record keeping on an immutable ledger for all financial transactions, simplifying processes like tracking transfers and proving ownership.
Leading projects like Centrifuge, Ondo Finance, and Mantra enable businesses to tokenize assets like real estate and commodities for financing and trading.
In addition, large institutional investment banks are looking to get in on the action, with JP Morgan said to be planning to tokenized a fund in 2024.
“Launching a tokenized fund in 2024 would allow J.P. Morgan to take advantage of the efficiencies on chain assets can offer while entering a market whose growth is exploding” – Source
The potential for the RWA space is multi-faceted and will be a space to watch, thanks to the potential inflows of capital from the traditional finance world.
9. ETFs
Bitcoin ETFs have seen record-breaking inflows, with Ethereum ETFs also generating excitement. The ProShares Bitcoin Strategy ETF, for example, experienced trading volumes exceeding $1 billion on its first day and currently has an average daily volume of around $75 million. Similarly, the Grayscale Bitcoin Trust (GBTC) boasts a market capitalization of over $20 billion, with daily volumes often surpassing $300 million. Fidelity’s Bitcoin ETF has also been a significant player, managing assets worth over $9 billion and witnessing daily trading volumes of approximately $144 million.
The anticipated VanEck Ethereum ETF is expected to follow suit, potentially driving significant investment into ETH once approved by the SEC. These financial instruments provide traders with a way to gain exposure to cryptocurrencies without directly holding them, expanding access to the crypto market.
10. The Intersection of AI and Crypto
The fusion of AI and crypto is unlocking new possibilities for automation and intelligent decision-making. Moreover, leading projects like NEAR Protocol, Internet Computer, and OriginTrail are developing AI-driven blockchain applications in various sectors, from finance to supply chain management. This integration enhances efficiency and innovation, driving the next wave of technological advancement.
OriginTrail, for example, leverages AI to optimize supply chain logistics by ensuring real-time tracking and verification of goods, significantly reducing fraud and increasing transparency across the entire supply chain network. If you want to explore other exciting AI Crypto projects, check out our list of the 11 Best AI Crypto Coins in 2024
Crypto and the U.S. Presidential Race
The upcoming U.S. presidential race is set to significantly impact the cryptocurrency market. Candidates’ positions on digital assets and blockchain technology will demonstrate potential regulatory frameworks and shape the subsequent market sentiment.
Donald Trump has emerged as a pro-crypto candidate, advocating for the U.S. to become the global leader in cryptocurrency adoption and innovation. His stance includes promoting favorable regulations, encouraging blockchain development, and positioning the U.S. as a hub for crypto businesses. This position could significantly boost market confidence and attract investments into the crypto sector. Investors should closely monitor the policies and proposals of all candidates, as their influence could drive or curb substantial growth and adoption within the U.S. economy.
Exchange Headwinds FTX & Mt. Gox
The crypto community is closely watching developments around FTX, Mt. Gox, and now Genesis. FTX has proposed a repayment plan that promises to return approximately $14.5 to $16.3 billion to creditors. This plan includes compensating for the time value of their investments, aiming to repay all creditor claims plus billions in additional compensation. Settlements will be made in fiat, potentially re-entering the crypto market and influencing cryptocurrency prices. If approved by the U.S. bankruptcy court, the distribution of these funds is expected to commence by mid-2024.
Similarly, Mt. Gox repayments are also underway. The crypto exchange, which collapsed in 2014, is set to repay creditors with significant sums. While these repayments could act as a negative catalyst by increasing selling pressure, they also represent a move towards resolution in long-standing issues, potentially restoring confidence in crypto assets.
Genesis also completed its restructuring and will begin paying creditors, with a plan to return up to $4 billion to investors. This repayment effort is another significant move in addressing past failures in the crypto industry. Financial institutions involved in these repayments are carefully monitoring the situation, as these actions could significantly impact cryptocurrency prices. The combined efforts of FTX, Mt. Gox, and Genesis to repay their creditors highlight ongoing efforts to resolve issues and restore confidence in the market, providing some hope for affected users while influencing broader market sentiment
How to Spot Crypto Market Trends Early
Identifying emerging crypto market trends early can provide a strategic advantage for retail investors. For instance, here are some tips:
- Engage with Community Discussions: Participate in forums, social media groups, and community events to stay informed about the latest developments and sentiments.
- Follow Industry News: Regularly read crypto news websites, blogs, and newsletters to keep up with new projects, technologies, and regulatory changes.
- Analyze Market Data: Use tools like CoinGecko, CoinMarketCap, DefiLlama, and blockchain explorers to track market performance and on-chain activity.
- Watch Developer Activity: Monitor GitHub repositories and project updates to gauge the progress and innovation within key projects.
- Attend Conferences and Webinars: Events like Consensus, Devcon, and local meetups offer insights from industry leaders and networking opportunities.
Conclusion
The future of crypto is set to be dynamic and full of opportunities. By keeping an eye on key trends such as GameFi, Layer-2 solutions, and the intersection of AI and crypto, investors can position themselves for success. Also, understanding the implications of the U.S. presidential race, the impact of exchange headwinds, and strategies for spotting trends early will be crucial for navigating the market. Lastly, Staying informed and engaged with the community will be essential for making informed investment decisions in this rapidly evolving space.
Frequently Asked Questions
What is GameFi and How Does it Work?
Why Have Memecoins Become So Popular?
What are the Crypto Narratives of 2024?
What are the Top DePIN Projects?
What are the Best RWA Crypto Projects
See also: Don’t Sleep on GameFi! 10 Best Gaming Crypto to Buy in 2024
References:
McKinsey & Company. “What Is Tokenization?” McKinsey & Company, https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-tokenization.
Fitzgerald, Michael. “Coinbase Prepares for SEC Court Battle.” Axios, 19 Mar. 2024, https://www.axios.com/2024/03/19/coinbase-sec-court-battle.
Office of the New York State Attorney General. “Attorney General James Secures Settlement Worth $2 Billion from Crypto Firm Genesis Global Capital for Defrauded Victims.” ag.ny.gov, 20 May 2024, https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis.
Zerocap. “What is ERC 404? The Hybrid NFTs.” Zerocap, 19 Feb. 2024, https://zerocap.com/insights/snippets/erc-404-hybrid-nfts/.
