Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1
2024年4月4日 - 9:00AM
NEWSBTC
In the first quarter of 2024 (Q1), memecoins emerged as the most
profitable crypto narrative, delivering massive average returns of
1312.6% across its top tokens, according to a recent study and
report conducted by CoinGecko. This figure far surpassed the
returns of other narratives, highlighting the growing popularity
and frenzy surrounding memecoins in the cryptocurrency market. RWA
Vs Memecoins Three newly launched tokens were among the top 10
memecoins by market cap at the end of the quarter: Brett (BRETT),
BOOK OF MEME (BOME) and Cat in a dogs world (MEW). BRETT
generated the highest returns since its launch with a gain of
7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2%
during the quarter. Notably, the memecoin narrative
outperformed other crypto narratives by a significant margin.
Related Reading: Bitcoin Traders No Longer Extremely Greedy:
Rebound Signal? Compared to the second most profitable
narrative, RWA, memecoins were 4.6 times more profitable, and their
returns were 33.3 times higher than those of the Layer 2 narrative,
which experienced the lowest gains in Q1. The RWA narrative, which
stands for “Real-World Assets“, returned 285.6% in Q1. Although it
briefly held the title of the most profitable narrative in early
February, memecoins and artificial intelligence-based (AI) tokens
outperformed RWA in terms of returns. However, RWA managed to
regain its position ahead of the AI narrative by the end of
March. Notable winners in the RWA category included MANTRA
(OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD)
returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was
the only RWA token to decline, falling 15.6% for the quarter.
Artificial intelligence closely followed RWA as the only other
narrative to deliver three-digit returns, reaching 222.0% in Q1.
All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ)
leading the pack at 480.2% and Fetch.ai (FET) following closely at
378.3%. Even the lowest gainer in the AI category,
OriginTrail (TRAC), returned a respectable 74.9% during the
quarter, indicating the overall interest in AI-related tokens.
Layer 1 Tokens Trail Behind The decentralized finance (DeFi)
narrative delivered moderate returns of 98.9% in the first quarter.
In late February, DeFi returns were boosted by the Uniswap (UNI)
fee switch proposal. DeFi tokens that performed well included
Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and
The Graph (GRT) with 111.0% QTD. In contrast, the Layer 1 (L1)
narrative delivered relatively lower profitability with 70.0%
returns in Q1 2024. While Solana (SOL) garnered attention as a
popular memecoin chain, the top-performing large L1
cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with
gains of 131.2% and 130.5%, respectively. Bitcoin (BTC)
achieved a 65.1% gain, reaching new all-time highs, while Ethereum
(ETH) posted a more modest 53.9% increase, despite the anticipation
surrounding US spot Ethereum ETF applications. Related Reading:
Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is
Possible Layer 2 (L2) emerged as the least profitable crypto
narrative in Q1, with a relatively lower gain of 39.5%. Established
Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning
5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing
the quarter with a slight decline of 1.2%. However, Stacks (STX)
and Mantle (MNT) recorded relatively strong returns of 142.5% and
95.8% QTD, respectively. As of this writing, Dogecoin (DOGE), the
largest memecoin by market capitalization, is trading at $0.1745.
Over the past 24 hours, it has experienced a price correction of
nearly 7%. In the last month, Dogecoin has shown limited bullish
momentum, with a marginal gain of only 0.7% during this time
period. Featured image from Shutterstock, chart from
TradingView.com
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