Follow CriptoFacil on
Google News CriptoFacil

Memecoins have definitely become the main investment of the moment, and this is reflected in a historic record. According to IntoTheBlock, the number of wallets holding memecoins has reached the highest levels in history.

The increase occurred both in the number of traders and in total transactions. There are more than 1 million traders trading just Dogecoin (DOGE), an increase of almost 40% compared to the 600 thousand registered at the previous high.

On the other hand, the number of DOGE operations exceeded 1.8 million, against a previous record of 1.4 million. Among traders who own Shiba Inu (SHIB), this number rose to 400 thousand traders and around 150 thousand transactions, respectively.

Growth of memecoins.  Source: IntoTheBlock.

Rising frenzy

The number of addresses holding memecoins for less than thirty days reached a record high last month, according to the latest analysis shared by IntoTheBlock. This increase serves as a clear indicator of a massive influx of new traders entering the market and purchasing meme coins.

Furthermore, a CoinGecko report found that memecoins were by far the most profitable cryptocurrency sector in the first quarter of 2024. According to the study, DOGE and company traders had an average return of 1,312.6%, taking into account counts the biggest memecoins.

Among the top 10 memecoins by market value at the end of the quarter, three of them arrived on the market in March: Brett (BRETT), BOOK OF MEME (BOME) and Cats in a Dogs World (MEW). In this sense, the report points out that the market is increasingly looking for new things.

BRETT, which became the largest memecoin on the Base network, appreciated 7,727.6% at the end of the first quarter and had the highest return of the period. Next came Dogwifhat (WIF), from Solana, with an increase of 2,721% in the quarter.

Capital multiplication

With these exponential returns, memecoins have caused a true multiplication of capital. Investors who made small contributions in dog and cat coins turned this into real fortunes.

This was the case of a trader who, on April 3, transformed US$13,000 into more than US$2 million with Donotfomoew (MOEW), a new memecoin from Base. In this operation, the trader obtained a gain of 15,700%.

Data from the Lookonchain platform revealed that the trader quickly acquired 499.9 million MOEW tokens using 4 Ether (ETH) in just 10 minutes after the memecoin’s listing. In less than an hour, the trader transferred 111.65 million MOEW for 99 ETH, equivalent to $328,000.

As of April 3, the trader still held 388.24 million MOEW tokens, worth around $1.75 million.

Follow CriptoFacil on
Google News CriptoFacilGoogle News CriptoFacil


Leave a Reply