Solana

Dragon

Silly Dragon

when

Memecoins have kick-started a new crypto frenzy, attracting investors new to trading and searching for the next big token that could bring massive gains.&nbsp;
Market intelligence platform IntoTheBlock shows that the number of wallet addresses wallet address holding meme-related tokens for under 30 days hit a record high in March. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/130bbb20-5e0e-4d13-87da-2515cb15fa61.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/intotheblock/status/1775537404545265904" target="_blank" rel="noopener nofollow">IntoTheBlock</a>
 </figcaption>
</figure>
The analytics platform explained that this indicates a large inflow of new traders buying memecoins in March. 
The number of traders jumping into the memecoin sector may be attributed to the huge gains displayed by memecoins in the first quarter of 2024. 
On April 3, coin information tracker CoinGecko dubbed the memecoin sector the “most profitable crypto narrative” during the year’s first quarter. 
Memecoins <a href="https://cointelegraph.com/news/memecoins-were-most-profitable-crypto-narrative-in-q1-2024-coingecko">displayed 1,312.6% returns on average</a>, the highest among the top tokens by market capitalization. Projects like Book of Meme (BOME) and Dogwifhat (WIF) drove the percentages up amid the memecoin frenzy.
Stories highlighting life-changing gains may have also played a role in attracting traders into the sector. 
A trader <a href="https://cointelegraph.com/news/trader-gains-2-million-solana-memecoin-frenzy">turned $62 into $2 million</a> in December after buying a Solana memecoin. The crypto user caught wind of a memecoin called Silly Dragon (SILLY), which poked fun at Solana co-founder Anatoly Yakovenko’s Halloween costume. 
More recently, another trader <a href="https://cointelegraph.com/news/trader-turns-13k-2-million-within-1-hour-memecoin-frenzy">turned $13,000 into $2 million</a> within one hour after buying a meme-based token. 
On April 3, a crypto trader saw a 15,700% gain after buying a memecoin called Donotfomoew (MOEW) that was minted on the Base network. 
Related: <a href="https://cointelegraph.com/news/trader-gambles-226k-solana-memecoin-1-69m-five-days">Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days</a>
While memecoins have the potential to drive massive gains, not everyone gets too lucky. Some people miss out on gains by selling too early, while others fall prey to scammers using the memecoin presales hype to steal user funds. 
On March 15, a trader <a href="https://cointelegraph.com/news/trader-fumbles-1-million-solana-memecoin-frenzy">fumbled potential millions</a> after selling BOME tokens before the prices skyrocketed. The trader bought 170 million BOME for $8,000 and sold the tokens for about $131,000. 
At the time of writing, BOME trades for about $0.01615, meaning the tokens could have been worth $2.7 million in the current market. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/7bf33128-b4d2-4ae4-bba0-e744e20a9669.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Presale wallet address of a memecoin project called Condom. Source: Solscan
 </figcaption>
</figure>
Meanwhile, a Solana memecoin project called “Condom” pulled out on investors before its launch. The creators of the memecoin <a href="https://twitter.com/CondomSOL" target="_blank" rel="noopener nofollow">abandoned</a> its X page and took almost $1 million worth of Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) tokens. 
Magazine: <a href="https://cointelegraph.com/magazine/5-risks-apeing-new-solana-memecoins/">5 dangers to beware when apeing into Solana memecoins</a>

Number of new memecoin traders hits record high — IntoTheBlock

Cointelegraph

Other articles published on Apr 4, 2024

How Shiba Inu Became Popular in India: Exploring the Meme Coin Craze at $0.0001

The Scalable Future of DeFi at Your Doorway with StarkGate

Key Price Points for Binance Coin (BNB) as Market Watches for Breakouts

R Games Worlds First AI and Gaming token is set to Launch on Top Exchanges

Shiba Inu (SHIB) Rebound Attempt Just Suffered Another Blow

This Mem Token Surpassed Bitcoin (BTC): Became the Most Traded Altcoin in March!

Join our free newsletter for daily crypto updates!