Written by: Layergg

Compiled by: Deep Tide TechFlow

AI > LSD > China > Arb > Meme > LSDfi > ETF > Telebot > Gamble > DWF > MK Leader > ?

In the cryptocurrency market, understanding which narrative dominates is crucial. Each month is a performance of a narrative, with each narrative having its unique protagonist. Through this article, we will take you through the cryptocurrency market of 2023, revisiting various captivating narratives.

2023 Key Narrative Timeline

[1] AI (22.12~)

OpenAI's ChatGPT has sparked interest in the crypto AI space.

• Best Performer - $AGIX $FET (≈10x)

• Notable Performers - OCEAN, CTXC

[2] LSD (23.1~)

After the Ethereum merge, the demand for staking increased, drawing attention to LSD.

• Best Performer - $LDO (≈4x)

• Notable Performers - RPL, FXS, SD

[3] China Narrative (23.2~)

With news that Hong Kong will allow cryptocurrency trading starting in June, the China narrative emerged.

• Best Performer - $CFX (≈15x)

• Notable Performers - PHB, KEY, HIGH

[4] Arbitrum Season (23.3~)

The upcoming launch of Arbitrum tokens sparked significant interest in related ecosystem projects.

• Best Performer - $GRAIL $RDNT (≈10x)

• Notable Performers - GNS, JOE

[5] Meme 2.0 (23.4~)

The emergence of BRC-20 and the subsequent popularity of PEPE triggered a meme frenzy.

• Best Performer - $PEPE (≈25x)

• Notable Performers - WOJAK, AIDOGE, BOB

[6] LSD-fi (23.5~)

Projects utilizing LSD liquidity began to gain attention.

• Best Performer - $PENDLE (≈5x)

• Notable Performers - LBR

[7] Bitcoin ETF + BlackRock (23.6~)

BlackRock's application for a Bitcoin spot ETF led to a rise in BTC-Beta.

• Best Performer - $BCH (≈3x)

• Notable Performers - #BSV #STX #ALEX

[8] Telegram Bot (23.7~)

Telegram-based projects garnered market interest by generating substantial revenue.

• Best Performer - $UNIBOT (≈15x)

• Notable Performers - PAAL, LOOT

[9] Gambling (23.8~)

The gambling industry became a key area capable of generating significant revenue.

• Best Performer - $RLB (≈5x)

• Notable Performers - WINR, FUN, DMT

[10] DWF Labs (23.9~)

Increased attention on DWF Labs led to a rise in related projects in the market.

• Best Performer - $YGG (≈5x)

• Notable Performers - AGLD, DODO, ORBS

[11] Market Leaders Rise (23.10~)

A favorable trend for Bitcoin emerged, shifting market sentiment towards a bull market, leading to an intensification of the "leading stocks" phenomenon. This situation resembles dynamics in traditional stock markets.

• Best Performer - $SOL $INJ $RUNE (≈4x)

• Notable Performer - LINK

Current Narratives

1. Solana Ecosystem

The surge of Solana impacted ecosystem projects.

• Best Performer - $BONK (≈7x) Notable Performers - $NEON $HONEY

2. New Coins in the Cosmos Ecosystem

Projects launched within the Cosmos ecosystem in 2023 attracted significant attention.

• Best Performer - $TIA $KUJI $SEI (≈3x) Notable Performer - $NTRN

3. AI

$NVDA reached an all-time high, and the demand for decentralized AI infrastructure continues to grow, attracting market interest.

• Best Performer - $TAO (≈4x) Notable Performers - $OCEAN $RNDR $AKT $FET

4. Gaming

News of GTA 6's release sparked gaming narratives.

• Best Performer - $SUPER (≈4x)

• Notable Performers - $PRIME $PYR $IMX

Strategic Insights

1. When the market lacks momentum, the focus often shifts to a few key narratives.

2. As the market heats up and attention increases, the focus can quickly switch between various narratives and categories.

3. On average, the lifespan of new narratives is typically around one month.

4. Alternatives in the second tier rarely outperform narrative leaders.

Grasping short-term market sector rotations and identifying categories or mid-term narratives that continue to perform well is key to understanding market trends.