Memecoins Emerge As Profitable Crypto Narrative In Q1 2024
A CoinGecko report reveals that memecoins were the most profitable crypto narrative in Q1 2024, with an average return of 1,312.6% across top tokens by market cap.
Memecoins outperformed all other crypto narratives, recording the highest return of 1312.6% on average across 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).
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 memecoin frenzy.
OG memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), saw impressive gains in the latest run, while Ethereum-based memecoin Pepe (PEPE) took off and saw its price gain 500% in two weeks.
Real World Assets (RWAs) were the second best-performing crypto narrative in Q1, with memecoin narratives being 4.6 times more profitable than RWAs.
(With inputs from Shikha Singh)
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