Memecoins dominates cryptocurrency market returns in Q1 2024, followed by DeFi and DePIN.

In the first quarter of 2024, Memecoin emerged as the most profitable cryptocurrency with an average return of 1312.6%. Among the top memecoins by market capitalization, new tokens such as Brett, BOOK OF MEME, and cat in a dogs world have garnered significant returns. CoinGecko. In particular, BRETT recorded the highest return of 7727.6% since its launch in the first quarter. The memecoin narrative was far superior to other narratives, including RWA and Layer 2.

The second most profitable narrative, RWA, achieved a 285.6% return in the first quarter. It briefly held first place in early February, but was overtaken by Memecoin and AI narrative. Notable performances in the RWA narrative were MANTRA and TokenFi, which gained 1074.4% and 419.7% QTD respectively. However, the XDC network declined by 15.6%.

AI Narrative followed closely behind RWA with a 222.0% return in the first quarter. All large AI tokens saw gains, with AIOZ Network and Fetch.ai leading the pack with returns of 480.2% and 378.3%, respectively. OriginTrail, which had the lowest gain, also returned 74.9%, indicating overall interest in the AI ​​narrative.

The DeFi story achieved a modest 98.9% return in Q1, with Ribbon Finance being the most profitable large-cap token, gaining 430.8% QTD. Other notable achievements within DeFi include Jupiter, Maker, and The Graph. DePIN, on the other hand, posted a loss in the first half of the quarter but finished with a return of 81.0%. Arweave, Livepeer, and Theta Network have seen the biggest gains in the DePIN narrative.

The Layer 1 story is with Toncoin, which posted a 70.0% return in the first quarter. bitcoin cash It has the best performance among large L1 cryptocurrencies. Solana gained attention as a popular memecoin chain, returning to 2021 price levels with a 91.9% increase in price. GameFi Narrative had similar performance for Layer 1, with Echelon Prime, Gala, and Ronin leading the way. However, Layer 2 had the lowest return at 39.5%, with the existing Ethereum L2 performing the lowest.

Overall, the first quarter of 2024 saw mixed performance for various cryptocurrency narratives. Memecoin showed significant gains, while RWA, AI, DeFi, and DePIN narratives also experienced positive returns. Layer 1, games, and layer 2 narratives performed more moderately. Investors and traders should consider these trends when evaluating cryptocurrency investment strategies.

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