The number of wallets holding meme tokens for less than 30 days reached a record high in March, indicating a significant influx of new traders.
The number of addresses holding meme coins for under thirty days hit a record high last month. This indicates a massive inflow of new traders buying memecoins pic.twitter.com/Qqc2at98UV
— IntoTheBlock (@intotheblock) April 3, 2024
According to IntoTheBlock, the figure reached 1 million addresses. On peak days, the number of transactions involving such assets exceeded 1.8 million.
A report by CoinGecko indicated that meme coins were the most profitable narrative in the first quarter. The average return in this category over three months was 1312.6%.
By the end of the reporting period, the token Brett (BRETT) had the highest return at 7727.6%, followed by Dogwifhat (WIF) at 2721.2%.
At the time of writing, the total capitalization of meme coins exceeded $59 billion with a daily trading volume of $5.9 billion.
The second most profitable segment was RWA tokens, with an average return of 285.6% over the quarter.
Leaders in this category, MANTRA (OM) and TokenFi (TOKEN), grew by 1074.4% and 419.7% respectively. The only asset with negative performance was XDC Network (XDC), which fell by 15.6%.
Earlier, former BitMEX CEO Arthur Hayes advised caution in labeling meme coins as “silly,” noting their potential to benefit blockchain ecosystems by attracting new users and developers. Former Goldman Sachs executive and macro investor Raoul Pal agreed with this view.
Ethereum co-founder Vitalik Buterin suggested endowing meme tokens with new qualities, proposing their use in charity and gaming.
As reported, Messari’s head of research, Martje Baas, acknowledged that such assets will remain an important part of the market, highlighting their role in the adoption of the crypto industry.