A recent report by CoinGecko revealed memecoins were the most profitable crypto narrative in the first quarter of 2024. On average, memecoins recorded the highest returns of 1,312.6% across the top tokens by market cap.
According to a recent CoinGecko report, memecoins outperformed all other crypto narratives to become the most profitable in Q1 2024—the top tokens, on average, recorded average returns of 1,312.6%.
Memecoin Frenzy
The recent run in the crypto market saw Bitcoin and many altcoins surge to new highs. Bitcoin reached a new all-time high of $73,800, and altcoins across the board registered immense gains. In particular, Solana (SOL) saw its price double in a matter of days. However, the Bitcoin surge and the altcoin run failed compared to memecoins. During the first quarter of 2024, memecoins outperformed all other crypto narratives, recording the highest return of 1312.6% on average across the top tokens.
Some of the most incredible returns were seen by memecoins that only launched around March 2024: Brett (BRETT), BOOK OF MEME (BOME), and cat in a dogs world (MEW). BOOK OF MEME (BOME), a Solana-based memecoin, made a complete frenzy and offered investors 20X returns on investments (ROIs).
BRETT recorded the highest returns of 7,727.6% by the end of Q1 compared to its launch price, while dogwifhat (WIF) gained 2,721.2% quarter-to-date after going viral and sparking the current memecoin frenzy.
OG memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), saw impressive gains in the latest run. Pepe (PEPE), an Ethereum-based memecoin, took off and saw its price gain 500% in two weeks.
Second Best Performing Narrative: RWAs (Real World Assets)
According to CoinGecko’s findings, the memecoin narrative was 4.6 times more profitable than Real World Assets (RWAs), the next best-performing crypto narrative in Q1. Notably, the memecoin narrative was 33.3 times more profitable than Layer 2s. Layer 2s recorded the lowest returns over the first quarter.
CoinGecko listed crypto narratives’ performance in Q1 2024 and ranked them by the average quarter-to-date price returns of their top 10 tokens.
Source: CoinGecko
RWAs saw returns of 285.6% in Q1 2024 and was briefly the most profitable crypto narrative in early February before memecoins and AI narratives took over. RWAs surpassed the AI narrative in March 2024 to take second place. The largest RWA tokens, such as MANTRA (OM) and TokenFi (TOKEN), gained the most with 1,074.4% and 419.7% QTD respectively. XDC Network (XDC) was the only RWA token to see a decline of 15.6%.
AI was the third most popular crypto narrative in Q1 and registered 3-digit returns at 222.0% in Q1.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
