May 2026 was not a broad risk-on month for crypto — capital rotated selectively rather than lifting the entire market. AI tokens led all narratives with a cap-weighted return of +31.9% and a median month-to-date gain of +14.5%, the clearest signal of where conviction is concentrated.
DePIN added +16.5%, though gains were top-heavy, with a handful of major projects capturing most of the upside. GameFi posted +8.7% but the median token in the sector underperformed, a pattern that echoes DePIN's dispersion. RWA and Layer 2 both traded largely range-bound, offering little directional signal.
Memes ranked second in monthly liquidity at $37.3 billion in volume yet delivered negative returns — high activity without price follow-through. Restaking was the month's weakest narrative at -7.0%, a notable reversal for a category that attracted heavy attention earlier in the cycle.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI2pWodX--jWSzjDAG-mwHOXWc9vOgYAAKlHmsbMdrwSAFxlx0VsqbDAQADAgADeQADOwQ)
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