{"id":15122,"date":"2024-04-04T15:32:31","date_gmt":"2024-04-04T15:32:31","guid":{"rendered":"https:\/\/www.bitcoincasinos.com\/?p=15122"},"modified":"2024-04-05T13:54:09","modified_gmt":"2024-04-05T13:54:09","slug":"memecoin-profit-q1-2024","status":"publish","type":"post","link":"https:\/\/www.bitcoincasinos.com\/blog\/2024\/04\/04\/memecoin-profit-q1-2024\/","title":{"rendered":"Memecoins Were The Most Profitable Cryptocurrency For The First Quarter Of 2024"},"content":{"rendered":"
Memecoin profits reached new highs over the first quarter of 2024, according to reports from CoinGecko.<\/strong><\/p>\n 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.<\/p>\n 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.<\/p>\n The highest return of\u00a07,727.6% was recorded by Brett. Dogwifhat (WIF) had a 2,721.2% growth which was made possible owing to the Solana-based hysteria.<\/p>\n 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.<\/p>\n “Also, memecoins were 33.3 times more profitable than the layer 2 narratives with the lowest returns in Q1 this year.\u201d The trend looks set to continue for Q2.<\/p>\n 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.<\/p>\n 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.<\/p>\n IntoTheBlock<\/em>, 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.<\/p>\n 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.<\/p>\n 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.<\/p>\nMemecoin Profits<\/h2>\n