BTC mining stocks, AI and gaming sector might stand out in the third quarter, one observer said.
Jul 2, 2024, 9:19 AM:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RGCC3CVEZZFQ5JODD6N23HXE4A.jpg)
- BRETT, TON and KAS Shine in a lame quarter for the broader crypto market.
- TON's surge stemmed from messaging giant Telegram's involvement, while KAS benefitted from sentiment around its technology stack.
- BTC mining stocks, artificial intelligence (AI) and the gaming sector might stand out in the third quarter.
The second quarter saw three tokens – brett (BRETT), Ton Network's TON, and Kaspa's KAS – emerge as shining stars as the crypto market bellwether bitcoin (BTC) wilted, pulling most major digital assets, including ether (ETH), lower.
BRETT, a memecoin native to the Base Chain and inspired by the character of Brett from Boys' Club comic series, more than doubled to 15 cents, becoming the best-performing digital asset among the top 100 coins by market value, according to data tracked by TradingView and CoinMarketCap.
Toncoin (TON), the native cryptocurrency of The Open Network (TON), a decentralized, layer-1 network popularly known as the TON blockchain, rose 42% to $7.65 and Kaspa blockchain's KAS surged over 35%. Meanwhile, the total crypto market capitalization fell 13.8% to $2.2 trillion.
Here's what may have helped these coins stand out from the broader market malaise.
Meme mania
The BRETT surge was not an isolated event but a part of a broader uptrend in meme coins. Analytics platform DYOR's Dune-based relative strength crypto narrative tracker shows the meme coin sub-sector rose over 45% in three months while others registered losses.
Culture coin mog (MOG) emerged as another top performing asset driven by positive sentiment and a cult-like following on social platforms such as X. MOG market capitalization zoomed from $220 million in early April to over $700 million, briefly putting it among the top hundred tokens by that metric.
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