AI, RWA: Two token classes to watch next after meme coin and staking market drive rally

Source Fxstreet
  • Crypto markets rallied on the back of DeFi and NFT narratives in 2022 before recent meme coin and staking mania.
  • The focus is expected to change soon as Santiment identifies rising crowd interest for AI and RWA tokens.
  • AVAX, LINK, ICP, FET and AGIX are possible candidates for expected rallies amid changing climate of trader interest.

Cryptocurrency markets are known to be driven by different themes that help influence customer investment behavior. Asset prices run on these narratives, and a sector’s tokens can generally outperform the rest of the community for a period of time. A behavior analytics platform now says a new narrative may be setting in soon.

Also Read:  Top three altcoins trending in crypto social media: Ethereum, Dogecoin, Ondo

AI and RWA tokens likely to drive markets soon

Data, according to analytics platform Santiment, points to increasing attention for AI and Real World Assets (RWAs). The behavior analytics tool detected growing crowd interest over the last six months, recorded as spikes in social volume. This means the amount of mentions on crypto-related social media has increased significantly relative to a pool of other cryptocurrencies.

AI tokens to look out for include The Graph (GRT), Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Bittensor (TAO) among others. On the other hand, the RWA sector tokens to look out for include Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), Maker (MKR), and Synthetix (SNX). Notably, MKR led RWA tokens on transaction volume metrics only recently, according to on-chain aggregator IntoTheBlock.

RWAs are established commodities from traditional finance, tokenized, and brought over into the DeFi space using blockchain technology.

The news comes after meme coins, specifically the ones running on the Solana blockchain, have dominated markets since December. It started with Bonk Inu (BONK), whose rally was associated with the Solana Saga phones before Myro (MYRO) and Wen (WEN) tokens began making headlines.

Besides the meme coin asset class, staking has also been a recent theme driving markets as investors chase annual yields or returns for assets locked. The Lido DAO (LDO) staking platform is expected to drop details on rewards, penalties, staking allocation, and validator exit soon, ahead of the mainnet debut of the module planned for the second half of 2024. 

These are some of the narratives that have provided trading opportunities for traders over the months after the decentralized finance (DeFi) and non-fungible token (NFT) era in the pre-2022 period. 

While the NFT theme may have topped out, the DeFi narrative remains at the core of the crypto revolution, with DeFi yields becoming increasingly attractive as alternative investment forms. It comes as new ecosystems and new generations of protocols continue to introduce fresh financial primitives into the space.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonightThe dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.
Author  Suzie
Sep 22, Tue
The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anywayMicron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
Author  Irene Q.
Sep 23, Wed
Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
placeholder
Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining tractionGold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
Author  FXStreet
Sep 23, Wed
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
placeholder
US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth storyUS September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.
Author  Suzie
17 hours ago
US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.
Related Instrument
goTop
quote