Memecoin profits reached new highs over the first quarter of 2024, according to reports from CoinGecko.
The hugely popular crypto sector registered returns of 1,312.6% on average between January 1 and March 31. In terms of market capitalization, memecoins were clear of the likes of Bitcoin and Ethereum.
Book of Meme (BOME), Brett, and Cat in a Dogs World (MEW) all made it to the top 10 largest memecoins list by market value.
The highest return of 7,727.6% was recorded by Brett. Dogwifhat (WIF) had a 2,721.2% growth which was made possible owing to the Solana-based hysteria.
Lim Yu Qian – analyst for CoinGecko – commented: “Notably, the memecoin narrative was 4.6 times more profitable than the next best-performing crypto narrative of tokenized RWA’s.
“Also, memecoins were 33.3 times more profitable than the layer 2 narratives with the lowest returns in Q1 this year.” The trend looks set to continue for Q2.
Memecoin Profits
The huge gains over the first three months of the year have seen memecoins start a new crypto frenzy. The mania that is sweeping the sector is attracting investors new to trading.
Like many, they are searching for the next big token that could provide huge gains. In March 2024, a new high was hit for wallet addresses holding meme-related tokens for under 30 days.
IntoTheBlock, the analytics platform, confirmed that this was due to the abundance of new traders buying memecoins in March. Q2 promises to be an exciting time for all involved.
At the back end of 2023, a trader turned $62 into $2 million after buying a Solana-based memecoin. The memecoin in question was Silly Dragon (SILLY) which directed fun at co-founder Anatoly Yakovenko.
The start of this year saw another trader turn $13,000 into $2 million within an hour of buying a meme-based token. Even Google confirmed the search term ‘memecoins’ is the highest it has ever been.
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