During the first quarter of 2024 (Q1), meme coins emerged as the most lucrative crypto narrative, boasting staggering average returns of 1312.6% across its leading tokens, as per a recent study and report by CoinGecko. This substantial figure significantly outpaced the returns of other narratives, underscoring the escalating popularity and fervour surrounding meme coins within the cryptocurrency market.
Memecoins v. RWA
Comparing RWA to Memecoins, three recently introduced tokens made their way into the top 10 memecoins by market capitalization by the quarter's end: Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW). BRETT showcased the highest returns since its launch, boasting an impressive gain of 7727.6%, closely trailed by dogwifhat (WIF) with a gain of 2721.2% throughout the quarter. Notably, the memecoin narrative significantly outpaced other crypto narratives.
Source: CoinGecko
In Q1, meme coins outperformed other narratives significantly, yielding returns 4.6 times higher than RWA and 33.3 times higher than Layer 2. RWA, focusing on "Real-World Assets," returned 285.6%, with winners like MANTRA (OM) and TokenFi (TOKEN). AI, the next most profitable narrative, achieved returns of 222.0%, led by AIOZ Network (AIOZ) and Fetch.ai (FET). Even the lowest gainer in AI, OriginTrail (TRAC), saw a solid return of 74.9%.
Read more: Looking into Popular Meme Tokens on Solana: $WIF
Layer 1 Lag Behind
Layer 1 tokens lagged behind in Q1, with decentralized finance (DeFi) yielding moderate returns of 98.9%. Top-performing DeFi tokens included Jupiter (JUP), Maker (MKR), and The Graph (GRT), each with gains exceeding 100%. Meanwhile, Layer 1 (L1) tokens saw relatively lower profitability, with a 70.0% return. Toncoin (TON) and Bitcoin Cash (BCH) led among large L1 cryptocurrencies, while Bitcoin (BTC) and Ethereum (ETH) achieved gains of 65.1% and 53.9%, respectively.
The daily chart shows JUP’s price trending downwards | Source: CoinGecko
Layer 2 (L2) emerged as the least profitable narrative, with a gain of 39.5%. Ethereum L2 solutions like Arbitrum (ARB), Polygon (MATIC), and Optimism (OP) underperformed, but Stacks (STX) and Mantle (MNT) saw strong returns. Dogecoin (DOGE), the largest memecoin, is currently trading at $0.1745, with a 7% price correction in the last 24 hours and marginal gains over the past month.
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: Bitrue reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reason without prior notice.