Memecoins were the ‘most profitable crypto narrative’ in Q1 2024 – CoinGecko
According to a recent CoinGecko report, the memecoin sector has emerged as the most profitable sector this year.
According to the report, Memecoins recorded the highest returns of 1,312.6% by market capitalization. Launched in March, Memecoins made it into the top 10 largest memecoins by market cap at the end of the quarter, including Book Meme (BOME), Brett (Bret) and Cat in a Dog World (MEW).
BRETT posted the highest returns of 7,727.6% at the end of Q3/2024, followed by Dogwiffhat (WFF), a Solana-based memecoin that gained 2,721.2% after going viral amid the frenzy.
CoinGecko analyst Lim Yu Kian said
“Specifically, the memecoin narrative was 4.6 times more profitable than the next best performing crypto narrative by tokenized real-world values (RWA), and 33.3 times more profitable than the lowest-earning 2 layer narratives in Q1 this year.
Related: Ethereum Revenue Triples in Q1 2024, Hits $370M
At the time of publication, memecoin's total market capitalization is $60.93 billion, accounting for approximately 2.32% of the total cryptocurrency market capitalization, according to CoinGecko data. This is a quarter-on-quarter increase of 176.9%.
This exceeds the market capitalization of many major sectors with high capital and institutional participation, such as DePIN at $29.98 billion, Layer 2 at $32.39 billion, Zero Knowledge at $18 billion, and RWA at $8.5 billion.
The performance of memecoins comes on the back of increasing investor interest. According to data from Google, the term memecoins is being searched globally more than ever before.
Google Trends' weekly keyword popularity tracker revealed that global interest in the term “memecoin” reached 88 in popularity in March, the second highest in five years, and just below the 100 peak in its first week. November 2023
The growing interest in the memecoin sector is reflected in the increasing transaction volumes, growing user base and strong active communities.
Bitcoin (BTC) hit a March high ahead of its upcoming supply-halving event, rising above $73,800 for the first time. In the year It can be argued that this impressive initiative, which is expected to become the world's largest cryptocurrency by 2024, is driving interest for all cryptocurrencies, including memecoins.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
