đ„Memecoins Dominate Q1: CoinGecko Report Reveals Massive Gains!
The first quarter of 2024 saw memecoins stealing the spotlight, racking up an impressive average return of 1312.6% for their top tokens, as per CoinGecko's latest findings.
In the top 10 memecoins by market cap, three newcomers emerged: Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW). BRETT took the lead with a staggering gain of 7727.6%, closely trailed by dogwifhat (WIF) with a 2721.2% surge.
Compared to other crypto narratives, memecoins left the competition in the dust. They outperformed the second most profitable narrative, RWA, by 4.6 times and trumped Layer 2 narratives by a whopping 33.3 times in terms of returns.
RWA, which focuses on Real-World Assets, posted a respectable return of 285.6% in Q1. However, memecoins and AI-based tokens stole the show, with RWA only managing to regain its lead over AI by the end of March.
Speaking of AI, it emerged as the only other narrative to achieve three-digit returns, hitting 222.0% in Q1. All major AI tokens soared, with AIOZ Network (AIOZ) leading at 480.2% and Fetch.ai (FET) close behind at 378.3%.
On the flip side, Layer 1 (L1) narratives saw more modest gains at 70.0%, with Solana (SOL) making waves as a memecoin favorite. Meanwhile, Bitcoin (BTC) hit new all-time highs with a 65.1% gain, while Ethereum (ETH) saw a more conservative 53.9% increase.
Layer 2 (L2) narratives trailed behind, with Arbitrum (ARB) returning just 5.6% and Polygon (MATIC) barely budging at 1.2%. However, Stacks (STX) and Mantle (MNT) stood out with solid gains of 142.5% and 95.8% respectively.
And let's not forget the reigning champ of memecoins, Dogecoin (DOGE), which is currently trading at $0.1745, despite a recent 7% dip. While its bullish momentum has been modest, it's still holding its ground in the market.
So, buckle up for more memecoin madness as Q1 sets the stage for an electrifying crypto ride! đđ
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