📊 Narrative Overview — May 2026 May was not a broad risk-on month for crypto.
Instead, capital continued rotating selectively across individual narratives. • AI led the market with +31.9% cap-weighted returns and +14.5% median MTD performance. • DePIN gained +16.5%, though most of the upside was concentrated in a few major projects. • RWA and Layer 2 remained largely range-bound. • GameFi posted +8.7%, but the majority of tokens within the sector underperformed. • Memes ranked second in liquidity with $37.3B in monthly volume, yet delivered negative returns. • Restaking was the weakest narrative of the month (-7.0%). 👉 Full Recap: https://