Bittime - Based on the latest research results from CoinGecko, meme coins are the most profitable crypto narrative in Q1 2024.
This is proven by the average return of 1312.6% on the top 10 meme tokens. This extraordinary performance far exceeds other popular narratives in the crypto world, such as cryptocurrencies related to RWA, AI, DeFi, and Layer 1.
Memecoins Dominate the Market
The incredible success of dogwifhat (WIF), which saw a 2721.2% quarter-on-quarter (QTD) gain, has sparked a frenzy in the meme coin market.
Three new meme coins launched in March Brett (BRETT), BOOK OF MEME (BOME), and MEW tokens contributed to the success of this trend. Compared to its launch price, BRETT recorded the highest gain, namely 7727.6%.
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Real Assets World (RWA) and AI Show Brilliant Performance
RWA and AI narratives were the second and third most profitable, with returns reaching 285.6% and 222.0%, respectively.
In the RWA narrative, MANTRA (OM) and TokenFi (TOKEN) lead with fantastic increases, namely 1074.4% and 419.7% in this quarter.
Meanwhile, in the AI field, AIOZ Network (AIOZ) and Fetch.ai (FET) were the best with returns reaching 480.2% and 378.3%, respectively.
Also read: Shiba Inu (SHIB) is selling well in the Indian market, ready to chase Dogecoin (DOGE)
DeFi and DePIN Show Positive Performance in the First Quarter
DeFi and DePIN showed moderate gains in the first quarter (Q1) of 2024. Narrative DeFi achieved a gain of 98.9%, while DePIN achieved 81.0%.
Ribbon Finance (RBN) became one of the leading players in the DeFi sector with a 430.8% gain in Q1 after the transition to Aevo and a successful token launch. In the DePIN sector, Arweave (AR) led the narrative with a 292.5% gain.
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Layer-1, GameFi, and Layer-2 Performance In First Quarter 2024
Narrative Layer-1 (L1) and GameFi posted solid returns in the first quarter of 2024, with L1 reaching 70.0% and GameFi 64.4%.
Among the major L1 cryptos, Solana (SOL) leads with 91.9% gains, followed by Toncoin (TON) and Bitcoin Cash (BCH) with 131.2% and 130.5% respectively.
Narrative Layer-2 (L2), on the other hand, experienced less impressive performance with a return of 39.5%.
Established L2 Ethereum platforms such as Arbitrum (ARB), Polygon (MATIC), and Optimism (OP) showed weak performance. On the other hand, Stacks (STX) and Mantle (MNT) managed to post stronger gains.
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Performance of Popular Crypto Narratives in the First Quarter of 2024
The research looked at the performance of the most popular crypto narratives from January 1 to March 31, 2024. CoinGecko data was used to analyze the average daily price returns of the top 10 tokens compared to the start of the quarter or the first day of price data available for tokens launched in the quarter.
Representative tokens in each narrative are selected based on their market capitalization ranking at the end of the quarter.
Please note that this research is for illustrative and informational purposes only, and should not be considered financial advice.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Real World Assets (RWA) Are Still in the Early Stages, Experts Say
Cyber L2 and SPACE ID's Strong Collaboration Brings Convenience to Users in the Web3 World
Ethereum ETF Decision and Its Impact On Markets: Experts Eyeing New Entrants?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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