Within the first quarter of 2024 (Q1), memecoins emerged as probably the most worthwhile crypto narrative, delivering large common returns of 1312.6% throughout its prime tokens, in line with a current research and report carried out by CoinGecko.
This determine far surpassed the returns of different narratives, highlighting the rising recognition and frenzy surrounding memecoins within the cryptocurrency market.
RWA Vs Memecoins
Three newly launched tokens had been among the many prime 10 memecoins by market cap on the finish of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a canine world (MEW).
BRETT generated the best returns since its launch with a achieve of 7727.6%, intently adopted by dogwifhat (WIF) with a achieve of 2721.2% throughout the quarter. Notably, the memecoin narrative outperformed different crypto narratives by a major margin.
In comparison with the second most worthwhile narrative, RWA, memecoins had been 4.6 instances extra worthwhile, and their returns had been 33.3 instances greater than these of the Layer 2 narrative, which skilled the bottom positive factors in Q1.
The RWA narrative, which stands for “Actual-World Belongings“, returned 285.6% in Q1. Though it briefly held the title of probably the most worthwhile narrative in early February, memecoins and synthetic intelligence-based (AI) tokens outperformed RWA by way of returns. Nonetheless, RWA managed to regain its place forward of the AI narrative by the top of March.
Notable winners within the RWA class included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Community (XDC) was the one RWA token to say no, falling 15.6% for the quarter.
Synthetic intelligence intently adopted RWA as the one different narrative to ship three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens skilled positive factors, with AIOZ Community (AIOZ) main the pack at 480.2% and Fetch.ai (FET) following intently at 378.3%.
Even the bottom gainer within the AI class, OriginTrail (TRAC), returned a good 74.9% throughout the quarter, indicating the general curiosity in AI-related tokens.
Layer 1 Tokens Path Behind
The decentralized finance (DeFi) narrative delivered average returns of 98.9% within the first quarter. In late February, DeFi returns had been boosted by the Uniswap (UNI) charge swap proposal. DeFi tokens that carried out nicely included Jupiter (JUP) with positive factors of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.
In distinction, the Layer 1 (L1) narrative delivered comparatively decrease profitability with 70.0% returns in Q1 2024. Whereas Solana (SOL) garnered consideration as a well-liked memecoin chain, the top-performing giant L1 cryptocurrencies had been Toncoin (TON) and Bitcoin Money (BCH) with positive factors of 131.2% and 130.5%, respectively.
Bitcoin (BTC) achieved a 65.1% achieve, reaching new all-time highs, whereas Ethereum (ETH) posted a extra modest 53.9% enhance, regardless of the anticipation surrounding US spot Ethereum ETF purposes.
Layer 2 (L2) emerged because the least worthwhile crypto narrative in Q1, with a comparatively decrease achieve of 39.5%. Established Ethereum L2 options underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% achieve, and Optimism (OP) closing the quarter with a slight decline of 1.2%. Nonetheless, Stacks (STX) and Mantle (MNT) recorded comparatively sturdy returns of 142.5% and 95.8% QTD, respectively.
As of this writing, Dogecoin (DOGE), the most important memecoin by market capitalization, is buying and selling at $0.1745. Over the previous 24 hours, it has skilled a value correction of almost 7%. Within the final month, Dogecoin has proven restricted bullish momentum, with a marginal achieve of solely 0.7% throughout this time interval.
Featured picture from Shutterstock, chart from TradingView.com
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