Q1 2024 sees Memecoins Skyrocket, Surpassing Other Crypto Narratives by 1312.6%

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The first quarter of 2024 witnessed an astonishing surge in the cryptocurrency sphere, especially within the realm of memecoins. These digital assets rode the wave of soaring popularity to deliver exponential returns averaging a staggering 1312.6% across the board, as established by recent analytics undertaken by CoinGecko. This skyrocketing figure left other cryptocurrency narratives biting the dust, eloquently underscoring the feverish craze for memecoins in the emerging crypto industry.

A striking example of this trend was the outstanding performance of three rookies in the crypto market – Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW). Primed among the top 10 memecoins by fiscal cap as the quarter came to a close, these nascent tokens were noteworthy success stories with BRETT taking the lead rallying to a monumental gain of 7727.6%. Hot on its heels was dogwifhat (WIF), posting an impressive 2721.2% rise, thereby underlining the immense profitability of memecoins far outstripping other contenders in the crypto race.

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To put this into perspective, memecoins dwarfed the profitability of the second best-performing narrative, Real-World Assets or RWAs, by an astounding 4.6 times, ultimately boasting 33.3 times higher returns than the Layer 2 narrative, the least successful narrative of Q1.

Nonetheless, it must be noted that the RWA narrative held its own, returning 285.6% in Q1. Despite momentarily being overshadowed by memecoins and artificial intelligence-based (AI) tokens, the RWA narrative skillfully rallied, securing its position ahead of the AI narrative by March’s end. Standout performers within the RWA umbrella included MANTRA (OM) and TokenFi (TOKEN), generating quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively.

Artificial intelligence technologies didn’t lag far behind in the race to profitability, with its tokens realizing a three-digit return of 222.0% within the same quarter. Companies under the AI banner saw significant growth, with AIOZ Network (AIOZ) at the forefront at 480.2% gain and Fetch.ai (FET) not far behind at 378.3%.

Contrarily, the decentralized finance (DeFi) narrative maintained a more moderate pace, registering returns of 98.9% during the first quarter. The Layer 1 (L1) narrative trailed behind, posting a fairly modest profitability of 70.0% in the first quarter. Bitcoin (BTC) saw 65.1% gain while Ethereum (ETH) posted a 53.9% increase amidst speculation around US spot Ethereum ETF applications.

Meanwhile, Layer 2 (L2) trailed behind as the least profitable crypto narrative of Q1, with a comaparatively meager gain of 39.5%. However, Stacks (STX) and Mantle (MNT) made respectable strides, achieving weighty returns of 142.5% and 95.8% QTD, respectively.

At the time of reporting, Dogecoin (DOGE), crowned as the mightiest memecoin by market capitalization, is trading at $0.1745. The past 24-hour window has seen the digital currency perform a downward price correction by almost 7%. Nevertheless, bullish inclinations have been somewhat restricted over the past month, with Dogecoin’s gain merely crawling up by a marginal 0.7%.