The cryptocurrencycurrency market had a notable upswing in Q1 2024 for meme coins, as the tokens with the highest market capitalization achieved an annual return of 1,312.6%. There were highs and lows in the memecoin market, with significant returns of 2,721.2% and 7,727.6% for Dogwifhat (WIF) and BRETT, respectively. Memes’ market capitalization has increased to $60.93 billion, or a 179.9% increase, as a result of this expansion.
The coinciding increase in investor interest and the rise in memecoin values correlate with a rise in Google searches for memecoins in March. Memecoin has a substantially wider performance difference than tokenized real-world assets (RWA) and layer 2 networks, across all the cryptocurrency narratives.
The sharp increase in the price of Bitcoin, which reached record highs in March, encouraged institutional and individual investors to favor cryptocurrencycurrencies, especially memcoins.
