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Meme coin narratives acquire 1,313% throughout Q1

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In the course of the first quarter of 2024, the crypto market showcased a dynamic efficiency throughout numerous narratives, with meme cash, real-world property, and AI tokens main in profitability.

Narratives are particular sectors inside the crypto business that use a definite coin and are damaged down to point out how crypto may be operated in a different way.

In accordance with information from CoinGecko, meme cash noticed an astonishing common return of 1,312% throughout the platform’s prime tokens.

The efficiency was highlighted by the exceptional success of latest entrants corresponding to Brett (BRETT), BOOK OF MEME (BOME), and cat in a canines world (MEW), which launched round March 2024. Brett led the pack with a staggering 7,727% return by the quarter’s finish in comparison with its launch worth. One other notable performer was dogwifhat (WIF), which gained 2,721% after going viral, fueling the continuing meme coin frenzy.

The RWA (Actual World Asset) narrative, specializing in tokens tied to bodily property or real-world utilities, got here in second with a 285% return. Early in February, RWA briefly held the highest spot earlier than being overtaken by meme coin and AI narratives however regained its place above AI by late March. MANTRA (OM) and TokenFi (TOKEN) have been among the many main RWA tokens, with positive factors of 1,074% and 419% respectively.

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The AI narrative additionally carried out nicely, with a mean return of 222%. This sector noticed important curiosity, with all large-cap AI tokens posting positive factors. AIOZ Community (AIOZ) and Fetch.ai (FET) led with 480% and 378% positive factors, respectively.

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The decentralized finance (defi) and Decentralized Bodily Infrastructure Networks (DePIN) narratives skilled average positive factors. Defi noticed a lift late within the quarter, ending with 98.9% returns, influenced by the Uniswap (UNI) price change proposal. Ribbon Finance (RBN) was essentially the most worthwhile defi token, gaining 430% after pivoting to Aevo. DePIN, regardless of preliminary losses, ended the quarter with 81% returns, led by Arweave (AR), Livepeer (LPT), and Theta Community (THETA).

The Layer 1 (L1), GameFi, and Layer 2 (L2) narratives lagged in profitability. L1 narratives noticed 70% returns, with Solana (SOL) gaining recognition however being outperformed by Toncoin (TON) and Bitcoin Money (BCH). GameFi and L2 narratives posted 64.4% and 39.5% returns, respectively, with established Ethereum L2s like Arbitrum (ARB), Polygon (MATIC), and Optimism (OP) underperforming.

Learn extra: Largest ENA airdrop recipient missed out on over $1 million revenue

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