Research Summary
The report provides an analysis of the top crypto gainers of 2023, with Bonk, Injective, and CorgiAI leading the pack. It also highlights the performance of Bitcoin and Ethereum, and the narratives that drove the popularity of the top gainers. The report further discusses the few cryptos that recorded losses in 2023.
Key Takeaways
Top Crypto Gainers of 2023
- Outstanding Performance of Bonk: Bonk emerged as the top crypto gainer of 2023, with a staggering increase of 7,302.9%. The popularity of meme coins and the revival of the Solana ecosystem significantly contributed to its success.
- Impressive Returns from Injective and CorgiAI: Injective and CorgiAI followed Bonk as the second and third top crypto gainers of 2023, with increases of 2,976.4% and 1,959.7% respectively. Injective’s rise was attributed to the introduction of pre-launch token futures by its decentralized exchange, Helix, and a $150 million ecosystem fund. CorgiAI gained traction as the main meme coin on the Cronos blockchain.
Bitcoin and Ethereum Performance
- Bitcoin’s Solid Growth: Bitcoin outperformed 65 tokens in the top 100 crypto, increasing by 162.5% in 2023. Spot ETF applications from giants like BlackRock and Fidelity drew attention to Bitcoin, potentially boosting its value.
- Ethereum’s Steady Returns: Ethereum gave price returns of 98.6% in 2023, lagging behind Bitcoin’s performance by 1.7 times. However, it still outperformed many other cryptos.
Popular Narratives Driving Crypto Success
- Role of Popular Narratives: The top crypto gainers of 2023 were also among the most popular narratives, including meme coins, layer 1 protocols, artificial intelligence, and layer 2 solutions. These narratives played a significant role in driving investor attention and boosting the value of these cryptos.
Cryptos Recording Losses in 2023
- Decline in Some Cryptos: Eight out of the top 100 cryptos recorded price declines in 2023, including Tether, USDC, Dai, BUSD, TrueUSD, Toncoin, Chiliz, and Sui. Five of these are stablecoins, which experienced a slight decline below their USD peg of $1.00.
Actionable Insights
- Monitor Popular Narratives: Investors should keep an eye on popular narratives in the crypto space, as they can significantly influence the performance of certain cryptos. Meme coins, layer 1 protocols, artificial intelligence, and layer 2 solutions were particularly influential in 2023.
- Consider the Performance of Top Gainers: The top crypto gainers of 2023, such as Bonk, Injective, and CorgiAI, demonstrated impressive returns. Investors may want to research these cryptos to understand the factors that contributed to their success.
- Assess Stablecoins: Despite the overall growth in the crypto market, some stablecoins recorded slight declines in 2023. Investors should consider this when diversifying their portfolios.
