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Exploring Various Categories of Cryptos In 2024

By May 15, 2024May 16th, 20246 minute read

For the crypto industry, 2022-23 has been nothing less than a roller coaster ride. The year started at a low pace; the price charts were in red, prices dipped continuously, and various cryptos and crypto firms were involved in long controversies.

But as we head toward 2024, the light started to shine bright for the crypto space. Bitcoin, Ethereum, and other coins have seen drastic price changes, which can be attributed to the Bitcoin halving event, ETFs’ approval, and various other reasons.

In this blog, we’ll look at the popular crypto token categories of 2024 that have been making rounds in the crypto space. These categories have the potential to reshape the financial industry and pave the way for a new era in the crypto space. Let’s have a look at them.

Popular Crypto Token Categories of 2024

#1 Meme Coin

Meme coins, a distinctive category within the crypto sphere, draw inspiration from internet memes and social media trends. Their significance lies predominantly in their connection to meme culture rather than intrinsic value or a specific utility. Notably susceptible to price fluctuations, these coins have seen a significant uptick in popularity, largely propelled by their association with viral internet memes and influential figures such as Elon Musk, whose tweets consistently impact their market capitalization.

Cryptos rooted in meme culture often experience a notable surge in popularity, fueled by their close alignment with memes and ongoing trends in social media. Despite their inherent volatility, meme coins consistently attract the attention of crypto investors.

BONK has been the most popular coin in recent times which rose by approximately 5577%, according to CoinMarketCap. Here’s a quick overview of the Bonk (BONK).

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About Bonk

On Christmas Day 2022, BONK, a memecoin centered in Solana (SOL), was airdropped to the Solana community. The Shiba Inu dog that serves as the project’s mascot was inspired by the well-known memecoin Dogecoin (DOGE).

Following the token’s listing on Coinbase, the largest crypto exchange in the US based on transaction volume, BONK saw a 100% increase in value during the third week of December 2023.

The BONK frenzy positively impacted the broader Solana ecosystem. The increased interest in BONK has driven sales for Solana’s Saga crypto-phone. Individuals acquiring this phone have opportunities to receive BONK airdrops, with Saga holders eligible to claim up to 30 million BONK tokens.

#2 DeFi Tokens

DeFi tokens constitute various cryptos native to automated, decentralized platforms functioning through smart contracts. These tokens grant users access to a set of financial applications and services embedded within the blockchain.

Despite commanding a market cap of $45 billion, decentralized finance (DeFi) tokens represent a relatively modest portion of the broader crypto market. Nevertheless, the DeFi sector has emerged as one of the most rapidly expanding segments within the industry.

According to CoinMarketCap, Ethereum is undoubtedly the leader when it comes to DeFi tokens, and its price rose by 65%. Here’s a quick overview of Ethereum (ETH).

About Ethereum

Ethereum is an open-source, decentralized blockchain platform that allows the creation and proper execution of smart contracts. It was proposed by Vitalik Buterin in late 2013 and launched in 2015. It also serves as a platform for developers to build Decentralized Applications (DApps) and deploy smart contracts, which are self-executing contracts with predefined rules and conditions.

Ether (ETH) is the native token of the Ethereum network, which is used to reward participants for computational efforts in executing smart contracts and as a means of value transfer within the Ethereum ecosystem.

#3 Gaming Tokens

A crypto gaming token is a digital asset or currency purpose-built on a blockchain network for use within gaming ecosystems. These tokens enable decentralized ownership, giving players full control over in-game items, virtual properties, or characters. This autonomy empowers players to manage their digital assets independently without reliance on a central authority.

Furthermore, this integration creates economic opportunities for players, allowing them to earn gaming tokens through active participation in the gaming ecosystem.

Within the burgeoning realm of crypto games, gaming tokens, and cryptos play a crucial role as digital currencies. Leveraging the capabilities of blockchain technology, these tokens enhance transparency and facilitate seamless asset transfers within gaming environments.

Decentraland is one of the popular gaming crypto tokens. Here’s a quick overview of Decentraland (MANA).

About Decentraland

Decentraland is an Ethereum-powered virtual reality platform. Anyone can buy land in this virtual world, build on it, and monetize it. You can do everything you put your mind to. It’s the first digital platform that’s owned entirely by its users.

Decentraland’s in-game currency is MANA, an ERC-20 token. In Decentraland, MANA tokens can be used to buy NFTs from various virtual art galleries or buy tickets for virtual events.

In addition, MANA holders can vote on any changes to Decentraland’s virtual environment, such as changes to land parameters, adjustments to marketplace costs, and the approval of wearable NFTs.

Those who own MANA can also vote on (whether or not catalyst nodes) the servers that power Decentraland’s virtual world.

#4 AI Crypto Tokens

Artificial Intelligence is combined with the underlying technology in digital assets called AI cryptos. These cryptos use AI algorithms to automate work, expedite business procedures, and provide traders with predictive data. Due to their advanced abilities, AI cryptos have grown in popularity among investors looking to profit from the crypto markets.

Cryptos with artificial intelligence capabilities can aid traders in making more educated trading decisions, perhaps resulting in wiser and more profitable trades. Additionally, it is well known that AI cryptos offer a better potential for returns than traditional cryptos. AI-powered crypto initiatives typically incorporate blockchain networks into their artificial intelligence networks.

AI-powered cryptos benefit investors and developers by enabling more transparent, efficient business practices that could enhance earnings for traders and produce more secure applications for developers. These cryptos could change the crypto industry with the help of AI. As a result, if you’re interested in profiting from this developing technology, you can think about investing in AI cryptos.

Injective Protocol is one of the popular AI crypto tokens that rose by 281%, according to CoinMarketCap. Here’s a quick overview of Injective Protocol (INJ).

About Injective Protocol

Injective Protocol is a blockchain built for finance. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.

It uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain order book. In addition, all forms of financial markets, such as spot, perpetual, futures, and options, are fully on-chain.

#5 Layer-2 Protocol Tokens

Layer-2 protocols are a supplementary layer constructed atop a Layer-1 blockchain. The Layer-2 tokens enhance the capabilities of the base layer by addressing scalability concerns, increasing transaction speed, and reducing fees. Various forms of Layer-2 solutions exist, such as sidechains and rollups. Notable examples of Layer-2 blockchain solutions are the Lightning Network on Bitcoin and Polygon on Ethereum.

Layer-2 tokens contribute to the adoption of blockchain technology by enhancing accessibility and user-friendliness. Through reductions in transaction costs and improvements in speed, Layer-2 solutions make blockchain transactions more affordable and convenient, thereby attracting a broader user base and driving increased adoption of the technology.

Optimism is one of the popular Layer-2 crypto tokens that rose by 51%, according to CoinMarketCap. Here’s a quick overview of Injective Protocol (INJ).

About Optimism

Optimism makes use of the optimistic rollups developed by the Optimism Foundation. These optimistic rollups presuppose that each transaction is valid. Any fraudulent transaction is rolled back following participants’ submission of fraud proofs.

Optimism contributes to maintaining the security of transactions while boosting the Ethereum ecosystem’s scalability. Each node on the network can contest the transaction’s validity by placing a stake to suggest a new block.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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