Meme coins may have managed to capture the imaginations of investors but have also suffered greatly due to last year’s market downturn.
However, this sector is seeing a resurgence as data shows growing interest and participation from retail investors amidst a widespread recovery in crypto assets.
Meme Coin Frenzy Continues
The number of addresses holding meme coins for under thirty days hit a record high last month, according to the latest analysis shared by IntoTheBlock. This uptick serves as a clear indicator of a massive inflow of new traders entering the market and engaging in buying meme coins.
The number of addresses holding meme coins for under thirty days hit a record high last month. This indicates a massive inflow of new traders buying memecoins pic.twitter.com/Qqc2at98UV
— IntoTheBlock (@intotheblock) April 3, 2024
This aligned with CoinGecko’s latest report that found that meme coins were by far the most profitable crypto narrative in Q1 2024, boasting an impressive average return of 1,312.6% across its leading tokens.
Among the top 10 meme coins by market capitalization at the quarter’s end, three new tokens – Brett (BRETT), BOOK OF MEME (BOME), and Cats in a Dogs World (MEW) – debuted around March.
BRETT eclipsed the rest with an impressive return of 7,727.6% by the end of Q1 compared to its launch price. Following closely was dogwifhat (WIF), which attracted more than 2,721% quarter-to-date (QTD) return after going viral and triggering the ongoing meme coin frenzy.
Interestingly, the meme coin narrative outperformed other cryptocurrency narratives, such as real-world asset (RWA) and Layer 2, by 4.6 and 33.3 times, respectively, in terms of profitability during Q1.
Trader Nets $2M from $13K Investment
On April 3, a crypto trader transformed their initial investment of $13,000 in a new meme coin on Base blockchain called Donotfomoew (MOEW) into over $2 million, making a staggering gain of 15,700%.
Lookonchain’s data revealed that the trader swiftly acquired 499.9 million MOEW tokens using 4 ETH within just 10 minutes of the meme coin’s listing on DEXes. Within less than an hour, the trader offloaded 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000.
As of April 3rd, the trader still retains 388.24 million MOEW tokens, worth around $1.75 million.
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