According to a recent report by CoinGecko, the memecoin sector has become the most profitable narrative this year. The report states that memecoins have seen an average return of 1,312.6% across the top tokens by market capitalization. In fact, memecoins launched in March have made it to the top 10 largest memecoins list by market value by the end of the quarter.
Some of the standout performers include Book of Meme (BOME), Brett (BRETT), and Cat in a Dogs World (MEW). BRETT has seen the highest returns of 7,727.6% by the end of Q3/2024, followed by Dogwifhat (WIF) with a growth of 2,721.2% year-to-date after going viral during the Solana-based memecoin frenzy.
CoinGecko analyst Lim Yu Qian noted that the memecoin narrative has been 4.6 times more profitable than tokenized real-world assets (RWA) and 33.3 times more profitable than layer 2 narratives with the lowest returns in Q1 this year.
The memecoin sector currently has a total market capitalization of $60.93 billion, making up approximately 2.32% of the total cryptocurrency market capitalization, according to CoinGecko’s data. This marks a 176.9% increase quarter-on-quarter. Surprisingly, this surpasses the market capitalization of mainstream sectors like DePIN, layer 2, zero knowledge, and RWA, which have significant capital and institutional involvement.
The growing interest in memecoins is evident in search trends. Google data shows that the term “memecoins” has seen a surge in searches worldwide. In March, the global interest in the term reached a popularity of 88, the second highest in a five-year timeframe, just below the peak of 100 in the first week of November 2023.
This increasing interest is also reflected in higher transaction volumes, a growing user base, and active communities within the memecoin sector. Bitcoin (BTC) has experienced significant momentum in 2024, reaching record highs in March. This surge in the world’s largest cryptocurrency has likely contributed to the overall interest in cryptocurrencies, including memecoins.
Memecoins surpassed mainstream sectors like DePIN, layer 2, zero knowledge, and RWA in market capitalization. Go memecoins!
I can’t believe memecoins have surpassed mainstream sectors in market capitalization. It’s a sign of how irrational the market has become.
I can’t take memecoins seriously. It’s just a bunch of people trying to get rich quick. 🙄