May 2026 Narrative Recap


Not all of crypto moved together.
📍 AI dominated with +31.9% cap-weighted returns
📍DePIN followed with +16.5%
📍 GameFi gained +8.7%, though most tokens lagged behind
📍 RWA and L2s remained largely range-bound
📍 Memecoins generated massive volume ($37.3B) but failed to deliver returns
📍 Restaking was the weakest sector at -7.0%
Capital isn't flowing into everything.
It's flowing into narratives with real attention, revenue, and growth.
May belonged to AI.
Are you in the right ones? 👀
GAFI-4.05%
RWA-6.02%
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