Investors have been drawn to meme coins, but these digital currencies took a hit during last year’s market slump.

On the other hand, there’s been a revival in this industry as data indicates increasing curiosity and investment from individual buyers. Alongside, crypto assets are on an upward trend, contributing to the overall market recovery.

Meme Coin Frenzy Continues

Last month saw a new all-time high in the number of cryptocurrency addresses holding meme coins for less than a month, as reported in the recent analysis by IntoTheBlock. This surge suggests a significant influx of fresh traders joining the market and actively purchasing meme coins.

Last month, the quantity of meme coin wallets with holding duration under thirty days reached an all-time peak. This signifies a substantial surge in new investors entering the memecoin market.

— IntoTheBlock (@intotheblock) April 3, 2024

In Q1 2024, according to CoinGecko’s recent findings, meme coins took the lead as the most lucrative crypto trend. The top meme coins delivered a remarkable average gain of approximately 1,312.6%.

At the end of the quarter, three newly introduced meme coins – Brett (BRETT), BOOK OF MEME (BOME), and Cats in a Dogs World (MEW) – joined the ranks of the ten most valuable meme coins in the market, making their debut around March.

In the first quarter, Brett significantly outperformed other investments with a remarkable gain of 7,727.6%, almost eight times the original price. Dogwifhat (WIF), on the other hand, came in second place with an impressive QTD return of over 2,700%. This was due to its popularity surge and the meme coin craze it ignited.

During Q1, the profitability of meme coin narratives was remarkably higher than that of other cryptocurrency narratives like real-world assets (RWA) and Layer 2 solutions. Specifically, meme coins delivered returns that were 4.6 times greater than RWA narratives and a staggering 33.3 times more profitable than Layer 2 narratives.

Trader Nets $2M from $13K Investment

A crypto trader saw a significant return on their $13,000 investment in the new meme coin MOEW (Donotfomoew), which was launched on Base blockchain on April 3. This investment grew to over $2 million, resulting in an impressive 15,700% profit.

Within ten minutes of being listed on decentralized exchanges, data from Lookonchain showed that a trader quickly bought approximately 499.9 million MOEW tokens using only 4 Ethereum (ETH). In the following half hour, this same trader sold around 111.65 million MOEW tokens for approximately 99 ETH, which equals roughly $328,000.

As of April 3rd, the trader still retains 388.24 million MOEW tokens, worth around $1.75 million.

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2024-04-04 14:02