Memecoin Sector Tops 2024 Crypto Performance with 1,312.6% Average Return, CoinGecko Report Shows
Summary:
The memecoin sector has outperformed other crypto narratives in 2024, marking the highest average return of 1,312.6% on top tokens by market capitalization, according to a report by CoinGecko. The total market capitalization of the memecoin sector now stands at $60.93 billion, accounting for about 2.32% of total cryptocurrency market capitalization. These trends reflect a growing global interest in memecoins, demonstrated by increasing search volume, transaction volume, and an expanding user base.
CoinGecko's latest report reveals that this year, the memecoin sector has proved to be the highest yielding narrative up to this point. Memecoins have marked an impressive average return of 1,312.6% seen across top tokens by market capitalization. They weren't left behind in the first quarter either as March-launched memecoins landed a spot in the top 10 biggest memecoins list by market value, with Book of Meme (BOME), Brett (BRETT) and Cat in a Dogs World (MEW) among the list. BRETT outperformed with an exceptional return of 7,727.6% by the end of Q3/2024, followed by Dogwifhat (WIF) witnessing a 2,721.2% growth year-to-date. It gained speed during the Solana-based memecoin mania.
An analyst at CoinGecko, Lim Yu Qian noted that the memecoin narrative surpassed by 4.6 times the second-best narrative of tokenized real-world assets (RWA) and proved to be 33.3 times fruitful than layer 2 narratives with least returns in Q1. Ethereum earnings remarkably tripled in Q1 2024 with an earning of $370M.
As per the publishing time, the total market capitalization that memecoin sector possesses is $60.93 billion, marking an almost 2.32% of the total cryptocurrency market capitalization. The numbers indicate a quarter-on-quarter increase of 176.9%, exceeding market capitalization of mainstream industries with substantial capital and institutional involvement including layers like DePIN ($29.98 billion), layer 2 ($32.39 billion), zero knowledge ($18 billion), and RWA ($8.5 billion).
The rise in search for the term memecoins reveals an increased interest amid investors worldwide. Google Trends' data shows that the global interest for "memecoin" reached a popularity of 88 in March, the second highest in a range of five years, following the peak of 100 in the initial week of November 2023.
The expanding interest in memecoin sector is tangible with the growing transaction volumes, user base expansion and active community participation. Bitcoin (BTC), the largest cryptocurrency to date reached record high values in March, surpassing $73,800 for the first time ever, right before its nearing supply-halving event. This influential momentum of cryptocurrencies, including memecoins, in 2024 has undoubtedly been propelled by Bitcoin. This piece of writing doesn't offer investment advice or guidelines. Every investment decision involving risk, and it is advised that readers should undergo thorough research prior to making any conclusion.
Published At
4/3/2024 9:51:12 PM
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