8 months ago
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Altcoins see a major reshuffle with AI and meme coins taking the lead.
The “alt season” is still in full force, fueled by meme coins and artificial intelligence-related tokens, according to “Bitfinex Alpha” report’s latest edition. The meme coins and artificial intelligence (AI) indexes created by CoinGecko climbed 32% and 38% respectively in the past seven days.
The intersection of AI and crypto assets has garnered significant attention, especially at the ETH Denver conference, where it emerged as a key interest for investors and developers alike, the report points out. The number of new AI projects has surged to over 250, a substantial increase from 180 in November. This growth is accompanied by significant updates and expansions, as investment capital begins to pour into this sector, signaling a strong interest in the potential synergies between AI technologies and blockchain-based digital assets.
Centralized exchanges have listed an increasing number of AI projects, propelling volumes across altcoins. The CoinGecko AI index currently boasts a market capitalization of $28 billion, and there is anticipation of a second major run for the AI sector, potentially outpacing other trending categories such as meme tokens in the coming months.
Meanwhile, cat-themed coins have also made headlines with a collective 64% gain over the past week, reaching a market capitalization of over $750 million. Despite being modest compared to meme and dog-themed coins, this trend signifies a massive shift towards crypto meme/animal coins. However, the top three coins in the Coingecko cat-themed index make up 80% of the total index market capitalization, indicating a high concentration in this niche sector.
The speculation around meme tokens has expanded to include tokens on the Solana blockchain, with Solana tokens on decentralized exchanges (DEXs) reaching over $19 billion in trading volume since the start of the month, closely trailing Ethereum token trading volumes at over $24 billion.
This surge in market activity has resulted in a spike in transaction fees on Ethereum, hitting the highest levels in nearly two years. With over $190 million in fees collected over the week, Ethereum’s fee revenue is on track to surpass $10 billion annually for the first time since early 2022, reflecting the heightened trading and speculation within the crypto market.
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