A new report from CoinGecko shed light on the meme coin industry, as the top ten tokens by market capitalization accounted for 1312.6% in returns in Q1 2024, turning the meme coin sector into the most profitable of all crypto narratives.
Moreover, the report states that out of the ten largest memecoins by market cap, three were new tokens that launched in March —Brett (BRETT), BOOK OF MEME (BOME), and cat in a dogs world (MEW).
BRETT provided the highest returns with 7727.6%. The second coin with the largest returns is dogwifhat (WIF), Solana’s first dog-themed memecoin, which surged 2721.2% quarter-to-date (QTD). The report suggested that WIF is responsible for sparking the “memecoin frenzy.”
In second place, the RWA (real-world asset) sector had average returns of 285%. The RWA narrative has surged in popularity lately and is being led by projects like Ondo Finance (ONDO), a DeFi protocol that focuses on tokenization of bonds and US treasuries.
Meme Coins Dominating The Industry
Despite its tremendous performance, the meme coin market seems to be taking a break, down 3% at press time from last week. Most of the top tokens by market cap have fallen over 10% on the weekly scale. This is in line with the broader sentiment in the crypto market after Bitcoin plummeted below $65k earlier this week.
However, meme coins remain a hot narrative in the crypto industry. And while the new entrants have undoubtedly stolen the show, some analysts are looking back at two of the largest tokens —Dogecoin (DOGE) and Shiba Inu (SHIB).
DOGE is expected by some to be on the verge of a parabolic bull run after reaching $0.22, a price not seen since November 2021.
Meanwhile, SHIB is constantly making headlines thanks to the advancements of its layer-2 scaling solution Shibarium.
In another interesting report, crypto investment products rebounded with $862 million in inflows during the last week of March.
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