Q1 Crypto Report: Memecoins Dominate with an Impressive Average Return of 1312.6%
CoinGecko’s recent study has revealed that meme coins have taken the crypto market by storm in the first quarter of 2024. Memecoins have emerged as the top performers, with an average return of 1312.6%.
The report highlights the unprecedented success of memecoins, such as dogwifhat, BOOK OF MEME, BRETT, and Cat in a Dog’s World, which have shown remarkable performance and generated impressive profits for crypto traders.
BRETT has led the pack with a staggering 7727.6% gain since its launch, closely followed by dogwifhat (WIF) with a remarkable 2721.2% increase quarter-to-date (QTD). This dominance of memecoins has been evident when compared to other crypto narratives, outperforming RWA, the second most profitable narrative, by a significant 4.6 times.
However, Real-World Assets (RWA) have also shown strong returns of 285.6% in Q1. MANTRA and TokenFi have been recognized as the best-performing RWAs, briefly holding the title of the most profitable narrative before being overtaken by memecoins and AI tokens. This showcases the diverse opportunities within the cryptocurrency market.
AI tokens have also performed exceptionally well, with a record-breaking three-digit return of 222.0%. AIOZ Network and Fetch.ai are among the top AI tokens with substantial growth and development. Even the lowest gainer in the AI category, OriginTrail, has earned a respectable 74.9% return during Q1 2024.
On the other hand, the Layer 2 narrative has been the least profitable category in Q1, being surpassed by memecoins’ returns that are 33.3 times higher.
The dominance of memecoins in Q1 2024 has been described as a “weird bull market” by analysts, as they have even outperformed Bitcoin and other top crypto coins in terms of gains in a short period of time. While memecoins have stolen the spotlight with their skyrocketing returns, RWAs and AI tokens have also demonstrated significant growth potential.
Overall, this CoinGecko report highlights the remarkable performance of meme coins and the diverse opportunities within the crypto market, showcasing the potential for significant returns across different narratives.