Crypto News- The allure of meme coins has undoubtedly captivated the investment sphere, but their tumultuous journey amidst last year’s market downturn cannot be ignored.
Meme Coin Mania: Unprecedented Surge in New Traders Revealed by Data
However, there’s a notable renaissance underway as recent data unveils a resurgence of interest and involvement from retail investors, coinciding with a broader recovery in the crypto landscape.
The Meme Coin Frenzy Persists
Recent analysis from IntoTheBlock highlights a striking surge in the number of addresses holding meme coins for under thirty days, reaching an all-time high last month. This surge is a telling sign of the massive influx of new traders embracing meme coin investments. CoinGecko’s latest report further solidifies this trend, revealing meme coins as the standout performers in Q1 2024, boasting an astonishing average return of 1,312.6% across leading tokens.
Notable Entries in the Meme Coin Arena
Among the top 10 meme coins by market capitalization at the close of the quarter, three newcomers – Brett (BRETT), BOOK OF MEME (BOME), and Cats in a Dogs World (MEW) – made their debut around March.
BRETT stole the spotlight with an impressive 7,727.6% return by the end of Q1, outshining its peers. Following closely was dogwifhat (WIF), which garnered a remarkable 2,721% return quarter-to-date (QTD) after going viral and igniting the ongoing meme coin fervor.
Interestingly, the meme coin narrative significantly outpaced other cryptocurrency narratives, such as real-world assets (RWA) and Layer 2, by 4.6 and 33.3 times, respectively, in terms of profitability during Q1.
A Trader’s Windfall: Turning $13K into $2M
On April 3rd, a crypto enthusiast turned a modest $13,000 investment in a new meme coin on the Base blockchain, Donotfomoew (MOEW), into a jaw-dropping $2 million windfall, marking a staggering gain of 15,700%.
Data from Lookonchain revealed the trader’s swift acquisition of 499.9 million MOEW tokens using 4 ETH within a mere 10 minutes of the meme coin’s listing on DEXes. Within less than an hour, the trader cashed out 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000.
As of April 3rd, the trader still holds 388.24 million MOEW tokens, valued at approximately $1.75 million, showcasing the remarkable potential within the meme coin space.
Leave a comment