The project with the largest increase in 2024 was led by the AI agent platform Virtuals Protocol, with a growth of 26,596%, followed closely by the meme coin SPX6900 (growth of 10,194%) and Popcat (growth of 9,954%). The RWA project Mantra's OM (growth of 5,779%) and the meme coin MOG (growth of 5,132%) were ranked in the top five. Other top-ranked projects include the top Base DeFi protocol Aerodrome Finance (growth of 2,663%), Turbo (growth of 2,451%), Pepe (growth of 1,324%), WIF (growth of 1,101%), and Bitget's BGB token (growth of 1,003%).

Key Highlights

• In 2024, the cryptocurrency market nearly doubled, growing from around $1.7 trillion in January to nearly $3.4 trillion by the end of December.
• Bitcoin broke through the $100,000 mark for the first time and set a new all-time high (ATH) of $107,000. Ethereum also broke through $4,000 in the year-end bull market.
• The market trends that garnered the most attention in 2024 included meme coins, AI agents, RWA, and exchanges. Additionally, Solana and Base, as the two hot chains, also attracted significant attention due to their fast transaction speeds and low costs.
• Virtuals Protocol was the standout performer among the top 300 crypto projects in 2024 (January 1 to December 31). Projects like SPX6900, Mantra, and Bitget also achieved remarkable results.

Overview of the Crypto Market in 2024

In 2024, the total market capitalization of the cryptocurrency market grew by nearly 100%, from around $1.7 trillion on January 1, 2024, to nearly $3.4 trillion. The most significant price event of the year was undoubtedly the breakthrough of Bitcoin's new all-time high, with Bitcoin soaring to over $107,000, while Ethereum also broke through $4,000 twice in 2024.

The main factors driving the fluctuations in cryptocurrency prices include the US election, international conflicts, US fiscal policy, and breakthroughs in Google's quantum computing, as well as events in the crypto space, such as the approval of Bitcoin and Ethereum ETFs, which had a significant impact on the market. In addition, market trends such as the AI agent and meme coin super-cycle also had a significant impact on the crypto market. According to data from defillama, we also saw increased interest in Solana and Base, with Solana's market share rising from around 2.7% in January 2024 to over 7.1% in December, while Base's market share grew from 1% in January to 3% in December.

This article only considers cryptocurrencies that were listed as of January 1, 2024, and were ranked in the top 300 on CoinGecko.

Virtuals Protocol (VIRTUAL): 26,596%

VIRTUAL is the native token of Virtuals Protocol. With a year-over-year growth of over 26,500%, Virtuals Protocol became the best-performing crypto asset in 2024. Virtuals Protocol launched in October 2023 and deployed its AI agent creation platform and token on the Base Layer 2 network in March 2024. In this volatile year, Virtuals Protocol started trading in 2024 at a slightly higher price of $0.013 per token and grew slowly in the first three quarters. As the focus on decentralized AI agents increased, the project's momentum began to show in the last quarter of the year.

Virtuals Protocol is a launchpad for AI agents. It allows users to create and commercialize AI agents without writing any code. AI agents are intelligent protocols or programs that can self-learn and automate applications. They can learn patterns in various systems, create smart libraries, and use this information to execute tasks independently. AI agents can be applied in areas such as entertainment, trading, and sports commentary. AI agents became a thriving trend in the last quarter of 2024, and Virtuals Protocol is the leading project in this space.

Virtuals Protocol's growth was driven by the trend in the AI space, the rise of AI agents, and the overall growth of several prominent projects on the Base network. On May 1, 2024, the project collaborated with Nillion to drive a private data storage solution for AI agents. In 2024, the asset was listed on several exchanges, including Kucoin, MEXC, BitMart, and Phemex in November.

SPX6900 (SPX): 10,194%

SPX6900 is a multi-chain meme coin operating on the Ethereum and Solana networks. The project was fairly launched through Uniswap on August 16, 2023. This meme coin project is a satire on the mainstream investment market, with the ultimate goal of reaching a market cap of $69 trillion. A statement on the project's website reads, "It (SPX6900) redefines the rules of finance, proving the power of community belief and the allure of big numbers can indeed reshape the world. The S&P 500 now looks so antiquated, like an obsolete relic, as the traditional measures of value that once dominated have been supplanted."

The surge in SPX began in the third quarter of 2024, rising from around $0.018 to over $0.11. This growth was accompanied by increased activity on social media, as crypto investors and KOLs ramped up their promotion of meme coins. Due to the rising interest in meme coins, SPX was listed on prominent crypto exchanges like MEXC, BitMart, and AscendX. On October 13, 2024, SPX6900 reached its yearly high of $0.98 following a week of community activities. On December 16, 2024, SPX6900 was integrated into Kamino Finance, allowing holders to provide SPX/SOL liquidity and earn rewards.

The main catalyst for SPX6900's growth in 2024 was the increasing interest of crypto investors in meme coins. Led by social media influencers, meme coins gained popularity for representing the true nature of cryptocurrencies, with community-driven growth and fair launches. SPX6900 and similar assets saw significant growth under this trend, with SPX6900 undoubtedly being one of the biggest beneficiaries of this phenomenon in 2024.

Popcat (POPCAT): 9,954%

POPCAT is the third-largest gainer in 2024. This meme coin nearly grew 10,000% in value on the first day of 2024. Popcat started trading in 2024 at over $0.0076 per token and reached an all-time high (ATH) of $2.05 on November 17, 2024. The main catalyst for this growth was the meme coin hype. The presence of Popcat on the Solana blockchain also contributed to the momentum, as the network was gaining recognition for meme coins.

As the name suggests, Popcat is a cat-themed meme coin, with the meme cat being a house cat named Oatmeal, whose video was edited into the "wide-mouthed singing cat" meme. The meme coin was launched through a fair launch on Raydium in December 2023 and quickly built a community. On May 24, 2024, Popcat was launched on Pancakeswap as part of its multi-chain expansion. In June 2024, as the meme coin craze grew, the asset was listed on several exchanges, including Bybit. On September 24, 2024, Popcat became the first cat-themed meme coin project to reach a market cap of over $1 billion and is one of the largest meme coin projects on the Solana network.

POPCAT has attracted widespread attention from the Solana community and other blockchain communities. Social media influencers and ordinary traders have also contributed to the promotion of the project, and as its popularity has grown, the price has also been rising, a trend that has also been influenced by the meme coin craze on the Solana network.

MANTRA (OM): 5,779%

Mantra's OM is the fourth largest gainer among the top 300 cryptocurrencies on CoinGecko. From January 1 to December 31, 2024, the price of OM grew by over 5,700%. Mantra started the new year trading slightly above $0.05. In the first two months of the year, the value of OM grew exponentially, reaching a high of $0.3 on February 10, 2024. Ultimately, Mantra closed at over $3.4 per token, solidifying its position as one of the best performing cryptocurrencies of 2024.

The growth in Mantra's value was driven by the trend of "Real World Assets (RWA)". The project saw over 1,000% price growth in the first quarter of 2024, during which it achieved several breakthroughs, including a $11 million funding round led by Shorooq Investors on March 19, 2024. In the first quarter, Mantra also launched its blockchain testnet program and introduced its ambassador program as part of its marketing efforts. Mantra's token airdrop was also a key event in the first quarter.

After an eventful first quarter, Mantra continued to expand its community, increase project exposure, and further develop through attendance at summits and community proposals. The mainnet launch was previewed during this period, with an expected release in October. The growth of OM accelerated again after the mainnet launch in October. On November 18, 2024, OM broke the $4 price mark for the first time, and on December 11, it reached a new all-time high of $4.55, becoming one of the leading projects in the RWA space.

OM is the native token of the Mantra Layer 1 blockchain, primarily used for the project's governance, managed through the Mantra DAO. Mantra is an RWA Layer 1 blockchain aimed at tokenizing real-world assets. According to the project's description, Mantra provides a compliant network for token issuance and other transactions. Mantra utilizes Cosmos multi-chain and IBC technology, with dedicated infrastructure to support tokenization, and has efficient interoperability with other networks and protocols (such as decentralized exchanges).

Mog Coin (MOG): 5,132%

The Ethereum cat-themed meme coin MOG is the fifth largest gainer among the top 300 cryptocurrencies in 2024. In 2024, the price of MOG grew by over 5,100%. On December 7, 2024, MOG reached a new all-time high as investor interest continued to increase. Key events for MOG in 2024 include its listing on the Binance Futures market on November 7, 2024, and its listing on Coinbase a month later. MOG also expanded to the Base network on March 29, 2024.

The meme coin project had an eventful year, primarily driven by the meme coin craze. 2024 was a successful year for meme coins, and MOG benefited from the periodic rallies in this category of projects. MOG's decision to expand to the Base network also had a positive effect, as projects on that network gained widespread investor attention.

MOG is one of the largest cat-themed meme coins and is self-described as the "first internet culture coin" and "tokenized victory". It claims to promote a culture of continuous self-improvement, personal growth, and positivity. According to the project, MOG is a way of life. MOG's brand image is the "joycat" emoji, and the supporter community thrives through meme content featuring this emoji.

Aerodrome Finance (AERO): 2,663%

Aerodrome Finance is the largest DeFi protocol on the Base network, and its token AERO saw a 2,663% gain in 2024, making it the sixth largest gainer among cryptocurrencies. The decentralized trading platform was identified as the sixth largest revenue-generating DeFi protocol in the crypto space. 2024 was an eventful year for Aerodrome, starting with its first listing on the Coinbase exchange on February 6, 2024. AERO then broke the $2 price mark for the first time on April 15, 2024. The main catalysts for this growth were the Coinbase listing and the widespread attention on DeFi on the Base Layer 2 network.

AERO's growth in 2024 was driven by the increasing interest in the Base Layer 2 network. Base became one of the most widely used crypto networks in 2024, and other projects on the platform also benefited from this general interest, particularly Aerodrome Finance, as the largest DeFi protocol on the network according to DefiLlama data. Other factors include the protocol's regular usage, interesting staking projects through Aerodrome Slipstream that improved APRs, and integrations with other projects. On September 28, 2024, the total value locked (TVL) on Aerodrome surpassed $1 billion, accounting for nearly 50% of the Base network's TVL.

Aerodrome Finance is the largest DeFi protocol on the Base L2 network, allowing users to conveniently access everyday financial services like direct asset swaps and passive income projects from their personal wallets. Aerodrome has launched Slipstream, a modification of Uniswap V3's concentrated liquidity, aimed at allowing liquidity providers to increase their yields by defining the price levels at which their assets can be used by market makers.

Turbo (TURBO): 2,451%

Turbo was created by X.com user Rhett Mankind using AI tools, from choosing the token name to designing the brand identity and token economics. The creation of Turbo stemmed from a creator challenge to develop a successful crypto project with only $69. Turbo's brand identity was designed by Midjourney, and the name was selected by OpenAI's ChatGPT-4. Its token economics were also designed using AI tools. The Turbo token was created on the Ethereum blockchain in 2023 and experienced exponential growth in the second half of 2024.

Similar to other meme coin projects, Turbo has thrived through community engagement. The Turbo project is community-managed and has evolved into an ecosystem driven by the Turbo token (TURBO). On December 17, 2024, the Turbo community announced the launch of TurboChain, a Layer 1 network that provides services for community-driven projects with innovative use cases. The network was launched in collaboration with Aurora Labs and the NEAR Protocol, with TURBO as the fuel token for TurboChain.

Turbo was the seventh largest gainer in 2024, with its price starting the year at $0.00036 and breaking $0.009 by the end of the year, a 2,451% increase. TURBO reached a new all-time high of $0.014 on December 11, 2024. The main catalysts for its growth were the trends in AI and meme coins, both of which Turbo is closely associated with. On September 16, 2024, Turbo was listed on Binance, followed by a Coinbase listing on December 5, 2024.

Pepe (PEPE): 1,324%

PEPE is one of the largest meme coin projects on Ethereum, inspired by the iconic character Pepe from Matt Furrie's "Boys Club" comic. Pepe has thrived through memes, text, and other narratives involving the character. PEPE is the eighth-largest gainer among the top 300 crypto assets, growing over 1,300% in 2024. At the start of the year, PEPE traded at $0.00000129, but by February 29, 2024, the price surged 50% in a single day. In December 2024, PEPE reached a new high of $0.000028 and closed the year slightly above $0.000018.

Pepe's growth has been fueled by its community, which has steadily expanded over its existence. The persistent enthusiasm of community members, especially the endorsement of some top projects, has helped Pepe maintain and significantly drive its price growth. Pepe's second-quarter surge was partly due to the meme coin craze sweeping the crypto space. News and events around the Ethereum ETF were also catalysts for PEPE's rise, particularly after the SEC approved the Ethereum ETF on May 23, 2024, leading to a brief spike in major Ethereum-based projects. PEPE reached a new all-time high of $0.000017 within four days of the Ethereum ETF approval and rose again during the November bull run.

Other catalysts include crypto institutional promotional activities and listings on more trading platforms, including token giveaways on Robinhood and Binance. On April 23, 2024, Coinbase also announced the inclusion of PEPE on its perpetual contract trading platform.

Dogwifhat (WIF): 1,101%

The WIF token of the Solana-based meme coin project Dogwifhat became the ninth-largest gainer in 2024 and one of the best-performing meme coins. The asset surged 1,100% between January 1 and December 31, 2024. WIF started the new year slightly above $0.15 and climbed to a record-breaking $4.83 on March 31 (influenced by the Binance listing), ultimately closing the year above $1.8.

The sustained meme coin craze throughout 2024 was the primary catalyst for WIF's rise. Meme coins are undoubtedly one of the most traded assets on the Solana blockchain, and as one of the largest meme coins on Solana, WIF has received significant attention. In addition to Binance, WIF was listed on several top exchanges, including Gemini, in 2024.

Dogwifhat (WIF) is a dog-themed meme coin launched on the Solana blockchain in November 2023. As the name suggests, Dogwifhat's meme features a Shiba Inu wearing a pink hat (although the hat may vary in different memes). Since its launch, WIF's price growth has primarily been driven by the sustained efforts of its community and the momentum of other projects in the space. From the third quarter of 2023 to the first half of 2024, WIF has become a significant meme coin project on the Solana network.

Bitget Token (BGB): 1,003%

Bitget Token (BGB) is the native token of the Bitget exchange. Bitget is a custodial crypto asset trading platform that offers spot and derivatives trading services. It also provides self-custody services through the Bitget Wallet and additional financial services, such as savings plans and copy trading features, including a Telegram-based copy trading bot.

BGB started 2024 at slightly above $0.57 and closed the year at $6.39, after a rapid surge in the second half of 2024, reaching a new all-time high of $8.45 on December 27. Bitget experienced several events in the last quarter of 2024 that drove the platform and token's growth. On December 26, 2024, Bitget announced the token merger, combining the Bitget Wallet token (BWB) with the Bitget Token (BGB). In November 2024, Bitget also completed the burning of 800 million BGB tokens (40% of the total supply).

The rise in BGB had already begun before the token burning and merger, as interest in the exchange grew. In April 2024, the platform announced it had surpassed 25 million users, growing to over 45 million by the end of the third quarter of 2024. The platform also expanded to new regions and partnered with several popular mainstream brands, including Spain's La Liga.

Bitget conducted multiple promotional activities throughout the year, including collaborations with newly listed assets, trading competitions, and community-driven events. Bitget also announced the listing of new spot and derivatives assets, adding over 240 crypto assets in 2024. The platform's TGE (token generation event) pre-market platform also remained active, providing pre-listing trading for several new assets. Other significant Bitget-related events include participation in summits, meme coin promotions, and a $20 million funding commitment to the TON ecosystem projects.

BGB is the tenth-best-performing token among the top 300 crypto assets. With these breakthroughs, Bitget has also become the fourth-largest crypto exchange globally by trading volume.

Conclusion and Methodology

In 2024, we witnessed the rapid growth of meme coins, with six out of our top ten gainers being meme coins. We also saw new all-time highs for Bitcoin (and many other cryptocurrencies) and the approval of the Ethereum ETF. In the last quarter of 2024, many projects gained momentum, particularly with the rise of new narratives such as AI agents and blockchain tokenization, which garnered increased attention.

That said, other cryptocurrencies such as MOODENG and GOAT may have also performed well in the fourth quarter of 2024, but they did not make the list as we only considered cryptocurrencies created before January 1, 2024. Additionally, this ranking is limited to the top 300 crypto assets by market capitalization.

This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before investing in any cryptocurrency.