Meme Coins Explode in Q1 2024 as the Number of Traders Hit a Record High
CoinGecko's recent study shows the most popular crypto narratives' performance in Q1 2024. The analysis focused on the narratives between January 1 and March 31, based on the platform's data for the top 10 biggest tokens' average daily price returns in the quarter.
Methodology: This study examined the most popular crypto narratives' performance from Jan 1 to Mar 31, 2024, based on CoinGecko data for the top 10 biggest tokens' average daily price returns compared to the start of the quarter.
- CoinGecko (@coingecko) April 3, 2024
The study reveals that meme coins were the most profitable crypto narrative of the quarter, recordingthe highest average returns of 1,312.6%.
Furthermore, three of the top-performing meme coins at the end of Q1 were projects that launched only in March, including BOOK OF MEME (BOME), Cat in a Dog's World(MEW), and Brett (BRETT).
Other similar meme coins were also constantly referenced across social media as community members and experts published price predictions, speculation, or reported on their pumps.
Besides, cryptocurrencies in the presale phase, such as Dogecoin20 (DOGE20), gained significant traction from investors. This is an eco-friendly take on the traditional Dogecoin, which runs on Ethereum. DOGE20 raised over $10 million within a few days of its presale.
Meme Coins Traders Hit an ATHThe meme coin sector blew up in 2024, not only in interest and funding but also regarding the number of new meme coin traders. A report by the market intelligence platform IntoTheBlock recently pointed out that the number of meme coin holders has hit a record high.
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
IntoTheBlock shows that the number of wallet addresses holding meme coins for under 30 days hit a record high in March 2024. According to the platform, this suggests a large inflow of new traders interested in meme coins, specifically.
The number of new projects, combined with stories about light-changing gains and high percentages of projects such as BOOK OF MEME and Dogwifhat, may have played a role in attracting new buyers.
Reports like that can be traced back to December 2023, when a trader invested in a Solana-based meme coin called Silly Dragon (SILLY). Thanks to rapidly growing figures, the trader turned their $62 investment into $2 million.
A similar story saw a trader turn $13,000 into $2 million within an hour. Although this was reported only days ago, it serves as an example of why new traders are rushing toward the crypto sector to invest in meme coins that have only recently appeared.
In less than 1 hour, this guy turned $13K into $2M, a gain of 158x!
He spotted $MOEW 10 minutes after opening trading and spent 4 $ETH($13K) to buy 499.9M $MOEW.
Then he sold 111.65M $MOEW for 99 $ETH($328K).
He currently holds 388.24M $MOEW, worth $1.76M.... pic.twitter.com/DFRGOYh8ZM
- Lookonchain (@lookonchain) April 3, 2024
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