The crypto market went down in Q2, but memecoins remained popular and even grew their market share.
Top memecoins saw impressive gains, with some seeing more than 2,000% returns during Q2.
Involvement from celebrities like Iggy Azalea and political events fueled a surge in specific memecoins.
While dog-themed coins ruled Q1, cat-themed memecoins took centre stage in Q2.
Memecoins built on Solana and Base blockchains saw significant price increases in Q2.
The end of 2023 and most of 2024 have been THE years for the memecoin market.
According to a recent report from Coingecko, the trend continues to grow stronger despite the heavy market downturn that swept through May and June.
According to Coingecko's Q2 report, the market experienced several changes during the year's second quarter.
According to Coingecko's Q2 Crypto Industry Report, published this week, we saw some bearish headwinds in the second quarter of the year between April and June.
Coingecko notes that the general market declined by around 14.4%, losing $408.8 billion and closing at $2.43 trillion within the three-month interval.
We also had harsher price movements in Q2, considering how Q1 saw a 64.5% price gain from the year's first quarter.
Crypto versus the S&P
From January until March, the market saw a push-up to a $2.9 trillion capitalization, most of which was largely fueled by the spot Ethereum ETF approvals in early January.
Interestingly, the traditional market outperformed the crypto market, with traditional stocks like the S&P 500 recording a 3.9% increase over the three-month timeframe.
This increase in the S&P 500 also uncoupled it from the crypto market, reducing the correlation from around 84% in Q1 to a meagre 16% in Q2.
The market remained volatile through the quarter, with an annualized volatility rate of 48.2%, compared to Bitcoin's 48.2% and the S&P 500's 12.7%.
However, despite the market’s sluggishness through the months, the memecoins remained largely unaffected.
According to Coingecko, the memecoins remained one of crypto's most popular asset classes, commanding an impressive 14.3% market share.
Memecoins were highly popular.
There was also no drop in the memecoin market’s dominance between Q1 and Q2, indicating that investors never lost interest at any point.
In fact, during this period, the memecoins turned up interesting gains, with average returns of around 1,313% across the top tokens.
Some of the best-performing tokens included Dogwifhat and Book Of Meme, both of which delivered returns of between 2,000% and 1,000%, respectively.
There was also a surge in celebrity memecoins, with public figures like Iggy Azalea, Caitlyn Jenner, and Andrew Tate getting involved and contributing to the price rallies, the hacks and the scams.
In addition, the PoliFi memecoins also experienced surges, which is unsurprising, considering the ongoing US presidential campaigns and the failed assassination attempt on Donald Trump.
Coingecko also notes that dog-themed memecoins reigned throughout Q1. However, in Q2, cat-themed ones took centre stage.
Furthermore, we also saw Solana and Base memecoins make strong price movements to the upside, with both of these chains recording memecoin shares of 8.44% and 4.61% (amid the 14.3% total).
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