A recent report by CoinGecko has revealed that the memecoin sector has emerged as the most profitable narrative of the year. According to the report, the top memecoins by market capitalization have recorded average returns of 1,312.6%. In fact, memecoins that were launched in March have made it to the list of the top 10 largest memecoins by market value by the end of the quarter. Some notable memecoins include Book of Meme (BOME), Brett, and Cat in a Dogs World (MEW). Among them, BRETT has recorded the highest returns of 7,727.6% by the end of the third quarter of 2024. Dogwifhat (WIF) also witnessed significant growth of 2,721.2% year-to-date after going viral during the Solana-based memecoin frenzy.
At present, the total market capitalization of the memecoin sector is $60.93 billion, accounting for approximately 2.32% of the total cryptocurrency market capitalization. This marks a 176.9% increase quarter-on-quarter. Interestingly, this surpasses the market capitalization of several mainstream sectors with significant capital and institutional involvement, such as decentralized physical infrastructure networks (DePINs), layer 2s, zero knowledge, and real-world assets (RWAs).
The success of memecoins can be attributed to the growing investor interest in the sector. According to Google Trends, the term “memecoins” is being searched more than ever before worldwide. In March, the global interest in the term reached a popularity score of 88, which is the second-highest over a five-year period. This indicates a strong upward trend in the popularity of memecoins.
This increasing interest is also reflected in higher transaction volumes, a growing user base, and active communities within the memecoin sector. Furthermore, the impressive performance of Bitcoin (BTC), which reached record highs in March, has likely contributed to the overall interest in cryptocurrencies, including memecoins.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.