The CoinGecko report reveals that the memecoin sector has emerged as the most profitable narrative of the year. The top tokens in terms of market capitalization recorded an average return of 1,312.6%. Interestingly, memecoins launched in March managed to secure a spot in the top 10 largest memecoins list by the end of the quarter. This includes coins like Book of Meme (BOME), Brett, and Cat in a Dogs World (MEW).
Out of these, BRETT performed the best with a staggering return of 7,727.6% by the end of Q3 2024. Following closely behind is Dogwifhat (WIF), which witnessed a growth of 2,721.2% year-to-date after going viral during the Solana-based memecoin frenzy.
The total market capitalization of the memecoin sector currently stands at $60.93 billion, representing approximately 2.32% of the total cryptocurrency market capitalization. This is a significant increase of 176.9% compared to the previous quarter. Surprisingly, the memecoin sector’s market capitalization now surpasses that of mainstream sectors like decentralized physical infrastructure networks (DePINs), layer 2s, zero knowledge, and real-world assets (RWAs).
The impressive performance of memecoins can be attributed to growing investor interest. According to Google Trends, the term “memecoins” has reached an all-time high in global searches. In March, the term reached a popularity score of 88, which is the second-highest over a five-year period, just below the peak of 100 in November 2023.
This increasing interest is also reflected in rising transaction volumes, a growing user base, and active communities within the memecoin sector. It’s worth noting that Bitcoin (BTC) has also seen significant momentum this year, reaching record highs in March. This surge in the world’s largest cryptocurrency has likely generated interest in other cryptocurrencies, including memecoins.
As always, it’s essential to conduct thorough research and exercise caution when making investment decisions. This article does not provide investment advice or recommendations.