In Q1 2024, crypto stories experienced impressive returns, with Memecoins leading the pack with an average return of 1312.6%, followed by RWAs and AI.
In the first quarter of 2024, Memecoin emerged as the most profitable crypto with an average return of 1312.6%. New tokens like Brett, Book of Memes, and Cat in a Dog’s World, among the top memecoins by market capitalization, have achieved significant returns. CoinGecko, BRETT in particular saw its highest return of 7727.6% since its launch in Q1. The Memecoin narrative outperformed other narratives, including RWA and Layer 2, by a wide margin.
RWAs, the second most profitable story, achieved 285.6% returns in Q1. Although it briefly held the top spot in early February, it was overtaken by Memecoins and AI Narratives. Notable performers within the RWA narrative were Mantra and TokenFi, which gained 1074.4% and 419.7% QTD respectively. However, the XDC network saw a decline of 15.6%.
The AI narrative closely followed RWA with a return of 222.0% in Q1. All large-cap AI tokens posted gains, with AIOZ Network and Fetch.ai leading the way with returns of 480.2% and 378.3%, respectively. Even OriginTrail, which had the lowest gain, saw a return of 74.9%, indicating overall interest in the AI narrative.
The DeFi narrative achieved a moderate return of 98.9% in Q1, with Ribbon Finance being the most profitable large-cap token, gaining 430.8% QTD. Other notable performers within DeFi were Jupyter, Maker, and The Graph. DePIN, on the other hand, recorded losses in the first half of the quarter, but managed to end with an 81.0% return. Arweave, Livepeer, and Theta Network were the top gainers in the DePIN narrative.
With Toncoin and others, the Layer 1 narrative posted 70.0% returns in Q1 bitcoin cash As top performers among the major L1 cryptocurrencies. Solana gained attention as a popular memecoin chain returned to 2021 price levels with a 91.9% increase. GameFi narrative performance was similar to Layer 1, with Echelon Prime, Gala, and Ronin leading the way. However, Layer 2 had the lowest return at 39.5%, with the established Ethereum L2 having the highest performance.
Overall, the first quarter of 2024 displayed a diverse performance from different crypto stories. Memecoins showed significant gains, while RWA, AI, DeFi and Deepin narratives also experienced positive returns. The performance of Layer 1, gaming, and Layer 2 narratives was more common. Investors and traders should consider these trends when evaluating their crypto investment strategies.
Image Source: Shutterstock
