The Evolution of Crypto Narratives in 2023: From AI to Bitcoin, What’s Next?
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The Evolution of Crypto Narratives in 2023: From AI to Bitcoin, What’s Next?
This article will take you through the 2023 cryptocurrency market, reviewing various compelling narratives.
Navigating Web3 tides with focused insightsWritten by: Layergg
Translated by: TechFlow
AI > LSD > China > Arb > Meme > LSDfi > ETF > Telebot > Gamble > DWF > MK Leader > ?
In the cryptocurrency market, it's important to understand which narrative dominates. Each month unfolds a new story, with each narrative having its unique protagonist. Through this article, we’ll take you through the 2023 crypto market and review various compelling narratives.
Key Narrative Timeline of 2023
[1] AI (22.12~)
OpenAI’s ChatGPT sparked interest in the crypto AI space.
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Top Performer - $AGIX $FET (~10x)
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Strong Performers - OCEAN, CTXC
[2] LSD (23.1~)
After the Ethereum merge, staking demand rose, drawing attention to Liquid Staking Derivatives (LSD).
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Top Performer - $LDO (~4x)
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Strong Performers - RPL, FXS, SD
[3] China Narrative (23.2~)
The narrative emerged as news spread that Hong Kong would allow cryptocurrency trading starting in June.
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Top Performer - $CFX (~15x)
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Strong Performers - PHB, KEY, HIGH
[4] Arbitrum Season (23.3~)
Anticipation around the Arbitrum token launch sparked strong interest in ecosystem projects.
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Top Performer - $GRAIL $RDNT (~10x)
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Strong Performers - GNS, JOE
[5] Meme 2.0 (23.4~)
The emergence of BRC-20 and the subsequent popularity of PEPE triggered a meme coin frenzy.
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Top Performer - $PEPE (~25x)
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Strong Performers - WOJAK, AIDOGE, BOB
[6] LSD-fi (23.5~)
Projects leveraging LSD liquidity began gaining attention.
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Top Performer - $PENDLE (~5x)
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Strong Performer - LBR
[7] Bitcoin ETF + BlackRock (23.6~)
BlackRock’s application for a spot Bitcoin ETF drove up BTC-Beta assets.
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Top Performer - $BCH (~3x)
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Strong Performers - #BSV #STX #ALEX
[8] Telegram Bot (23.7~)
Telegram-based projects attracted market interest by generating significant revenue.
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Top Performer - $UNIBOT (~15x)
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Strong Performers - PAAL, LOOT
[9] Gambling (23.8~)
The gambling sector emerged as a key area capable of generating substantial revenue.
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Top Performer - $RLB (~5x)
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Strong Performers - WINR, FUN, DMT
[10] DWF Labs (23.9~)
Growing attention toward DWF Labs led to rallies in related projects.
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Top Performer - $YGG (~5x)
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Strong Performers - AGLD, DODO, ORBS
[11] Market Leaders Rise (23.10~)
Positive Bitcoin trends emerged, market sentiment turned bullish, fueling an intensifying "market leader" phenomenon—similar to dynamics seen in traditional stock markets.
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Top Performers - $SOL $INJ $RUNE (~4x)
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Strong Performer - LINK
Current Narratives
1. Solana Ecosystem
Solana’s surge has impacted ecosystem projects.
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Top Performer - $BONK (~7x); Strong Performers - $NEON $HONEY
2. New Coins in Cosmos Ecosystem
Projects launched within the Cosmos ecosystem in 2023 have drawn significant attention.
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Top Performers - $TIA $KUJI $SEI (~3x); Strong Performer - $NTRN
3. AI
$NVDA hits new highs, driving growing demand for decentralized AI infrastructure and capturing market interest.
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Top Performer - $TAO (~4x); Strong Performers - $OCEAN $RNDR $AKT $FET
4. Gaming
News of GTA 6’s release reignited the gaming narrative.
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Top Performer - $SUPER (~4x)
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Strong Performers - $PRIME $PYR $IMX
Strategic Insights
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When the market lacks momentum, focus typically centers on a few key narratives.
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As the market heats up and attention grows, focus rapidly shifts across different narratives and categories.
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On average, a new narrative lasts about one month.
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Second-tier alternatives rarely outperform the leading projects within a narrative.
Capturing short-term market rotation and identifying consistently outperforming categories or mid-term narratives is key to understanding market trends.
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