Meme coins may have managed to capture the imaginations of investors but have also suffered greatly due to last years market downturn.

However, this sector is seeing a resurgence as data shows growing interest and participation from retail investors amidst a widespread recovery in crypto assets.

Meme Coin Frenzy Continues

The number of addresses holding meme coins for under thirty days hit a record high last month, according to the latest analysis shared by IntoTheBlock. This uptick serves as a clear indicator of a massive inflow of new traders entering the market and engaging in buying meme coins.

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

This aligned with CoinGeckos latest report that found that meme coins were by far the most profitable crypto narrative in Q1 2024, boasting an impressive average return of 1,312.6% across its leading tokens.

Among the top 10 meme coins by market capitalization at the quarters end, three new tokens Brett (BRETT), BOOK OF MEME (BOME), and Cats in a Dogs World (MEW) debuted around March.

BRETT eclipsed the rest with an impressive return of 7,727.6% by the end of Q1 compared to its launch price. Following closely was dogwifhat (WIF), which attracted more than 2,721% quarter-to-date (QTD) return after going viral and triggering the ongoing meme coin frenzy.

Interestingly, the meme coin narrative outperformed other cryptocurrency narratives, such as real-world asset (RWA) and Layer 2, by 4.6 and 33.3 times, respectively, in terms of profitability during Q1.

Trader Nets $2M from $13K Investment

On April 3, a crypto trader transformed their initial investment of $13,000 in a new meme coin on Base blockchain called Donotfomoew (MOEW) into over $2 million, making a staggering gain of 15,700%.

Lookonchains data revealed that the trader swiftly acquired 499.9 million MOEW tokens using 4 ETH within just 10 minutes of the meme coins listing on DEXes. Within less than an hour, the trader offloaded 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000.

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