Memecoin Narrative Tops Profit Charts in First Quarter of 2024
According to research from CoinGecko, eight narratives were identified: memecoins, real-world assets (RWA), AI, DeFi, decentralized physical infrastructure (DePIN), layer-1, layer-2, and GameFi. Among these narratives, memecoins stood out as the most profitable narrative in the first quarter of 2024, with an increase of +1,312.6%.
Among the top 10 memecoins by market capitalization at the end of the first quarter of 2024, three of them were new tokens launched around March 2024: Brett (BRETT), Book of Meme (BOME), and Cat in a Dogs World (MEW).
BRETT experienced the highest increase of +7727.6% from the beginning of the year until the end of Q1 2024, followed by dogwifhat (WIF) with an increase of +2721.2% in the same period.
The second most profitable crypto narrative was RWA, with an increase of +285.6%. RWA briefly held the title of the most profitable narrative in early February 2024 but was surpassed by the memecoin and AI narratives, eventually surpassing the AI narrative by the end of March 2024.
Among the largest RWA tokens, Mantra (OM) and TokenFi (TOKEN) recorded the highest increases of +1074.4% and +419.7% respectively in the same period.
AI followed as another narrative recording a triple-digit increase of +222%. All major capitalized AI tokens experienced gains, led by AIOZ Network (AIOZ) with an increase of +480.2% and Fetch.ai (FET) with an increase of +378.3%.
It is worth noting that even the lowest gaining AI token, OriginTrail (TRAC), experienced an increase of +74.9%, indicating a uniform price appreciation among AI tokens.
Apart from these three narratives, the other narratives failed to record average increases surpassing three digits. The DeFi sector, the fourth most profitable narrative, recorded an average increase of +98.8%. Meanwhile, layer-2 occupied the last position with an average increase of only +39.4%.
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