The Great Shift in Cryptocurrency in 2025: DePIN Cryptocurrencies Plummet, RWA Makes Strides

2025 was a pivotal year in the cryptocurrency market, marking a significant shift from traditional trends. Notably, while sectors like DePIN cryptocurrencies that had garnered high expectations rapidly lost momentum, RWA (Real World Assets) emerged as the biggest winner in the narrative. This dynamic had a profound impact on market participants’ investment decisions.

RWA Narrative Records Over 185% Astonishing Growth

According to CoinGecko statistics, RWA-related cryptocurrencies experienced an average annual growth rate of 185.76% throughout 2025, demonstrating overwhelming strength. This growth was driven by innovative projects such as Keeta Network (+1794.9%), indicating a new value proposition where blockchain technology is applied to real-world assets, capturing investor interest.

The Layer 1 narrative, ranking second, also saw a healthy growth of 80.31%. Notably, Zcash surged by +809.79%, reaffirming the importance of privacy features in Layer 1 solutions. Meanwhile, the US-based cryptocurrency narrative grew by only 30.62%, suggesting limited demand for geopolitical risk hedging.

Serious Decline in Deteriorating Sectors Including DePIN Cryptocurrencies

While there was positive news overall, 2025 proved to be an extremely challenging year for many promising sectors. DePIN cryptocurrencies declined by 76.74%, indicating a significant retreat from early optimism regarding decentralized infrastructure.

Similarly, the GameFi sector faced a sharp drop of 75.16%, with growing skepticism about the economic potential of gamification. The Solana ecosystem also experienced a 64.17% correction, highlighting a widening gap with some Layer 1 competitors.

AI and Meme Narratives Remain Popular but Lack Results

Interestingly, despite sustained social interest, the AI narrative plummeted by -93.44% in 2025. Likewise, Meme tokens fell by -85.70%, reflecting an environment where speculative appeal alone could no longer drive the market.

The DeFi sector suffered a dramatic decline of -99.28%, with DEX protocols also undergoing extensive adjustments. Layer 2 solutions declined by 40.63%, marking two consecutive years of stagnation in scaling solutions.

What Market Structural Changes Suggest

The developments of 2025 highlight a qualitative shift in investment themes within the cryptocurrency market. The exit of infrastructure-related sectors, including DePIN cryptocurrencies, and the rise of narratives centered on RWA—where tangible value creation is expected—indicate increased market maturity. Moving forward, a shift in investment decision-making from theoretical possibilities to practical implementations will become a key theme for investors.