The CoinGecko report reveals that the memecoin sector has become the most lucrative narrative of the year. The top tokens in terms of market capitalization recorded an average return of 1,312.6%. In fact, memecoins launched in March managed to secure a spot in the top 10 largest memecoins list by the end of the quarter. Notable memecoins that made it to the list include Book of Meme (BOME), Brett, and Cat in a Dogs World (MEW). Leading the pack, BRETT saw a remarkable return of 7,727.6% by the end of Q3 2024, followed by Dogwifhat (WIF) with a year-to-date growth of 2,721.2% after going viral during the Solana-based memecoin frenzy.
At present, the memecoin sector holds a total market capitalization of $60.93 billion, accounting for approximately 2.32% of the overall cryptocurrency market. This represents a 176.9% increase compared to the previous quarter. Surprisingly, the memecoin market capitalization surpasses that of various mainstream sectors with significant capital and institutional involvement, including decentralized physical infrastructure networks (DePINs) at $29.98 billion, layer 2s at $32.39 billion, zero knowledge at $18 billion, and real-world assets (RWAs) at $8.5 billion.
The outstanding performance of memecoins is attributed to the growing interest from investors. Global search data from Google shows that the term “memecoins” is currently being searched more than ever before. In March, the term reached a popularity score of 88, which is the second highest in the past five years, just below the peak of 100 in the first week of November 2023. This increased interest is also reflected in higher transaction volumes, a growing user base, and active communities within the memecoin sector.
The surge in Bitcoin’s price, reaching record highs in March, has also contributed to the overall interest in cryptocurrencies, including memecoins. Bitcoin’s momentum as the world’s largest cryptocurrency has sparked curiosity and attention from investors.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any investment decisions.