Meme Coins Skyrocket With Record-Breaking Q1 Returns: CoinGecko
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Memecoins emerged as the top-performing crypto coin in the first quarter of 2024, with an average return of more than 1300% among its leading tokens, according to an April 3 report by data aggregator CoinGecko. In particular, Brett, Book MEME (BOME) and Cat in a Dog's World (MEW) contributed significantly to this increase.
In particular, BRETT showed an impressive 7727.6% increase from its price at the end of Q1. The dogwifhat (WIF) token has seen a 2721.2% quarter-to-date gain since going viral, fueling the current meme coin craze.
Mem Coins' profitability is 4.6 times higher than the next best performing Real World Assets (RWA) narrative and 33.3 times higher than the Layer-2 (L2) narrative, which had the lowest return in Q1. RWA tokens also performed well, with MANTRA (OM) and TokenFi (TOKEN) seeing QTD gains of 1074.4% and 419.7% respectively. However, XDC Network (XDC) posted a 15.6 percent decline.
The artificial intelligence (AI) narrative followed closely, returning 222% in Q1. All large-cap AI tokens posted gains, leading AIOZ Network (AIOZ) at 480.2% and Fetch.ai (FET) at 378.3%. Even the lowest-earning OriginTrail (TRAC) returned 74.9% in Q1, which shows the collective interest in AI tokens.
The decentralized finance (DeFi) narrative saw modest growth of 98.9% in Q1, with Ribbon Finance (RBN) leading the way with a 430.8% QTD after pivoting to Aevo. Other DeFi tokens such as Jupiter (JUP), Maker (MKR) and The Graph (GRT) also reported strong returns. DePIN, despite initial losses, ended the quarter with 81% returns, with ArWave ( AR ), Livepeer ( LPT ) and Theta Network ( THETA ) the top performers.
Alternative layer-1 accounts posted 70% returns, Toncoin (TON) and Bitcoin Cash (BCH) outperforming others. GameFi narratives correspond to 64.4% of Layer 1 returns, led by Echelon Prime (PRIME), Gala (GALA) and Ronin (RON). Layer 2 stocks lagged, gaining just 39.5%, while established Ethereum L2s such as Arbitrum ( ARB ), Polygon ( MATIC ) and Optimum ( OP ) underperformed, while Stack ( STX ) and Mantle ( MNT ) posted stronger returns.
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