Home Blockchain Memecoins Dominate Q1 2024 Crypto Market Returns, Followed by DeFi and DePIN

Memecoins Dominate Q1 2024 Crypto Market Returns, Followed by DeFi and DePIN

0
Memecoins Dominate Q1 2024 Crypto Market Returns, Followed by DeFi and DePIN


In Q1 2024, crypto narratives experienced impressive returns, with memecoins leading the pack with an average return of 1312.6%, followed by RWA and AI.

In the first quarter of 2024, memecoins emerged as the most profitable crypto narrative, with an average return of 1312.6%. Among the top memecoins by market capitalization, new tokens like Brett, BOOK OF MEME, and cat in a dogs world garnered significant returns, according to CoinGecko. BRETT, in particular, saw the highest returns of 7727.6% since its launch in Q1. The memecoin narrative outperformed other narratives by a wide margin, including RWA and Layer 2.

RWA, the second most profitable narrative, achieved a 285.6% return in Q1. While it briefly held the top position in early February, it was overtaken by memecoins and AI narratives. Notable performers within the RWA narrative were MANTRA and TokenFi, which gained 1074.4% and 419.7% QTD, respectively. XDC Network, however, experienced a decline of 15.6%.

The AI narrative closely followed RWA, with a return of 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network and Fetch.ai leading the way with returns of 480.2% and 378.3%, respectively. Even the lowest gainer, OriginTrail, saw a return of 74.9%, indicating overall interest in the AI narrative.

The DeFi narrative achieved moderate returns of 98.9% in Q1, with Ribbon Finance as the most profitable large-cap token, gaining 430.8% QTD. Other notable performers within DeFi were Jupiter, Maker, and The Graph. DePIN, on the other hand, recorded losses in the first half of the quarter but managed to end with an 81.0% return. Arweave, Livepeer, and Theta Network were the top gainers within the DePIN narrative.

The Layer 1 narrative posted a 70.0% return in Q1, with Toncoin and Bitcoin Cash as the top performers among large L1 cryptocurrencies. Solana gained attention as a popular memecoin chain, returning to 2021 price levels with a 91.9% increase. The GameFi narrative had similar performance to Layer 1, with Echelon Prime, Gala, and Ronin leading the way. Layer 2, however, had the lowest returns at 39.5%, with established Ethereum L2s underperforming the most.

Overall, the first quarter of 2024 showcased the diverse performance of different crypto narratives. Memecoins demonstrated significant gains, while RWA, AI, DeFi, and DePIN narratives also experienced positive returns. Layer 1, Gaming, and Layer 2 narratives had more modest performance. Investors and traders should consider these trends when evaluating their crypto investment strategies.

Image source: Shutterstock



News credit

LEAVE A REPLY

Please enter your comment!
Please enter your name here