AI, data services, and staking tokens lead market recovery this week AI, data services, and staking tokens lead market recovery this week
All three sectors surpassed the 20% average growth threshold, while memecoins, DeFi tokens, and DePIN lagged behind.
1 min read
Updated: Aug. 23, 2024 at 8:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tokens related to staking services, artificial intelligence (AI), and data services outperformed Bitcoin (BTC) and Ethereum (ETH) during the recent recover in the crypto market over the past seven days.ย
Artemisย data shows that BTC and ETH registered upsides of 4.9% and 3.4%, respectively, during the past week.
Meanwhile, staking services tokens like LDO and RPL climbed 18.8% and 34.4%, respectively, totaling a weighted average of 25.7% in the same period.ย This is nearly double the average performance of 13.9% registered by the whole crypto industry in the past week.
AI-related tokens also bolster solid developments, reaching a weighted average of 23.8%.
Data services tokens, such as ARKM, BTT, and GRT, were also above the 20% threshold, as their weekly weighted average growth touched 23.3%.
Moreover, other sectors that surpassed the average crypto market performance were social (14.7%), bridges (15.9%), oracles (16.3%), gaming (17.7%), Bitcoin ecosystem (18.6%), and native tokens of NFT applications (19.2%).
Underperforming the market
Despite dominating nearly 12% of the crypto community mindshare, as data from Kaito AI suggests, memecoins had a weighted average growth of 13.4%.ย
A similar movement was registered by native tokens from decentralized finance (DeFi) applications, which dominate 15.5% of Xโs mindshare, but performed below the market average in the last seven days by reaching 12.7%.
Moreover, Kaito AI highlighted that Decentralized Physical Infrastructure Networks (DePIN) tokens have been a growing narrative in crypto, leaping five-fold among crypto investorsโ discussions.ย
Yet, it is still below the average market performance, as the sectorโs weighted average valuation reached 10.4%.
First-generation blockchains, such as XRP, Bitcoin Cash (BCH), Dash (DASH), and Monero (XMR), had the worst performance over the past week. Nevertheless, they managed to grow on a weighted average of 5.9%.
Other sectors that showed recovery but failed to outperform the market’s average are real-world assets (8.6%), DEX native tokens (9.9%), centralized exchange tokens (9.9%), and smart contract platforms’ native assets (10.4%).
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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