2024

XDC Network

BOOK OF MEME

AIOZ Network

In the first quarter of 2024 (Q1), memecoins emerged as the most profitable<a href="https://www.newsbtc.com/news/crypto-analyst-base-next-memecoin-hotspot-top-8/" target="_blank" rel="noopener "> crypto narrative</a>, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and <a href="https://www.coingecko.com/research/publications/most-profitable-crypto-narratives" target="_blank" rel="noopener nofollow">report </a>conducted by CoinGecko. 
This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market. 
<h2 id="rwa-vs-memecoins">RWA Vs Memecoins</h2> 
Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW).&nbsp; 
BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by <a href="https://www.newsbtc.com/news/dogwifhat-wif-flips-pepe-as-the-3rd-largest-memecoin-after-hitting-4/" target="_blank" rel="noopener ">dogwifhat </a>(WIF) with a gain of 2721.2% during the quarter.&nbsp;Notably, the memecoin narrative outperformed other crypto narratives by a significant margin. 
<img loading="lazy" decoding="async" class="size-large wp-image-601297" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_92.jpg?w=695&amp;resize=695%2C725" alt="memecoins" width="695" height="725" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_92.jpg?w=695&amp;resize=695%2C725 695w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_92.jpg?w=441 441w" sizes="(max-width: 695px) 100vw, 695px" data-recalc-dims="1"> 
&nbsp; 
Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1. 
The RWA narrative, which stands for “<a href="https://www.newsbtc.com/all/why-blackrock-could-bet-on-this-rwa-token-crypto/" target="_blank" rel="noopener ">Real-World Assets</a>“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March.&nbsp; 
Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter. 
<a href="https://www.newsbtc.com/news/meme-coin-blues-nearly-70-of-shiba-inu-investors-underwater-as-price-flops/" target="_blank" rel="noopener ">Artificial intelligence </a>closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%.&nbsp; 
Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens. 
<h2 id="layer-1-tokens-trail-behind">Layer 1 Tokens Trail Behind</h2> 
The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) <a href="https://www.newsbtc.com/news/uniswap/uniswap-foundation-unveils-major-upgrade-plan-uni-price-skyrockets-52/" target="_blank" rel="noopener ">fee switch proposal</a>. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD. 
In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While <a href="https://www.newsbtc.com/news/solana-memecoin-presale-gone-wrong-creator-accidentally-burns-10m-whale-makes-huge-profit/">Solana </a>(SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively.&nbsp; 
Bitcoin (BTC) achieved a 65.1% gain, reaching <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/" target="_blank" rel="noopener ">new all-time highs</a>, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications. 
Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, <a href="https://www.newsbtc.com/news/uniswap/uniswap-expands-reach-deploys-v2-protocol-on-six-new-chains-including-arbitrum-and-polygon/" target="_blank" rel="noopener ">Polygon </a>(MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/z32j6g6K/" alt="Memecoins" width="1815" height="858"> 
As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at $0.1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period. 
Featured image from Shutterstock, chart from TradingView.com

Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1

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