- CoinGecko data confirmed that only the stablecoin sector was green while all others were red.
- Stablecoin valuation grew 0.4% in the past day and stands at $222 billion at press time.
- Meme coins and RWA tokens could skyrocket first, once the market resumes its uptrend.
Stablecoins are the only digital assets that were found holding to their value while the broader market collapsed in the past 24 hours with Bitcoin plunging to a daily low of $91,000. Market participants have now begun scanning for sectors that could rally first once this crypto sell-off ends.
According to CoinGecko data, stablecoin is a valuable sector with a massive market cap of $222 billion followed by exchange-based tokens led by BNB with a valuation of $126 billion and decentralized finance (DeFi) at $106 billion. Stablecoins were green in the past day while all the other industries remained red.
Meme Coins and RWAs: Potential Rebound Candidates?
The meme coin sector, possibly the most popular piece of the crypto puzzle worth $75.2 billion, could be the first to skyrocket once this bearish trend ends. Tokens including Dogecoin (DOGE), Shiba Inu (SHIB), and Official Trump (TRUMP) plummeted in double digit percentages. However, it is common for meme coins to adopt unconventional tracks during bullish market stages.
Related: Bitcoin Liquidations Surge as Volatility Grips Crypto Market
Another possible contender is the RWA sector, which is led by Chainlink (LINK), Ondo (ONDO), Mantra (OM), among others. Worth $34 billion, the RWA space is projected to be valued at a trillion dollars in the next five years. Also, OM was one of the very few altcoins that turned green, jumping almost 3% to $5.27 with a 152% surge in trading volume, shows CoinMarketCap.
DeFi and AI Tokens Take a Hit
Meanwhile, the DeFi and artificial intelligence (AI) protocols saw monumental outflows as investors sold their native tokens in a hurry. For example, AI token NEAR dropped 17.55% while TAO and RENDER crashed 15.26 and 15.49% respectively. On the other hand, DeFi assets AAVE and ETH dropped 17.24% and 16.12%, respectively.
Related: Kiyosaki Warned: Bitcoin’s Crucial Role in a Market Priced to Crash
Is Altcoin Season Still Possible?
On the other hand, an analyst on X (formerly Twitter) highlighted that altcoin season always starts in February and the same trend could be seen this cycle as well. Another analyst pointed out that the market sentiment that prevails currently is similar to the ones seen in 2020, prior to the beginning of the altseason.
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