Altcoin market, a significant branch of which includes memecoins, experienced notable losses in value during the general market downturn of the past years. However, amidst the recovery that hit the overall cryptocurrency market, there has been a significant rebound, as clearly evidenced by the increasing interest and participation of individual investors.
Memecoins Make Their Mark in the First Quarter of 2024
IntoTheBlock‘s compiled data highlights the intense investor interest, as indicated by the record level increase in the number of wallet addresses holding memecoins for less than thirty days last month. This influx of investors is particularly evident in the high volume of new investments targeting memecoins.
The latest report from the crypto data and price platform CoinGecko also supports this trend, highlighting memecoins as the most profitable crypto narrative in the first quarter of 2024. According to the report, the leading memecoins achieved an average return of 1312 percent in the first quarter of the year.
At the end of the quarter, three new tokens, namely Brett (BRETT), BOOK OF MEME (BOME), and Cats in a Dogs World (MEW), made their debut and entered the top 10 memecoins by market value around March. BRETT, in particular, increased its value by 7727 percent compared to its launch price by the end of the quarter. WIF followed closely, rising over 2721 percent QTD amidst the ongoing memecoin craze and viral interest.
Especially noteworthy is the performance of the memecoin narrative, which outperformed other crypto narratives and left the real-world asset (RWA) and Layer 2 narratives behind by 4.6 and 33.3 times, respectively, in terms of gains for the first quarter.
Lucky Investor Turns $13,000 into Over $2 Million
In a notable gain, on April 3rd, a cryptocurrency investor managed to turn a $13,000 investment in a new memecoin known as Donotfomoew (MOEW) on the Base Blockchain network into over $2 million, a staggering 15,700 percent increase. Lookonchain‘s data reveals that the investor quickly purchased 499.9 million MOEW tokens using 4 ETH just 10 minutes after the memecoin was listed on various decentralized exchanges (DEXs). On-chain data shows that within less than an hour, the investor sold 111.65 million MOEW for 99 ETH, worth $328,000, converting unrealized gains into realized profits. As of April 4th, the investor still holds approximately 388.24 million MOEW tokens, valued at around $1.75 million.
