Memecoin trading numbers hit record high

Originally a term used to refer to digital currencies named after famous internet characters and images, memecoin is considered a high-risk investment with no real value.

According to data from IntoTheBlock, the number of wallet addresses holding memecoin for less than 30 days hit a record high in March. Analysts say the rush to buy memecoins may be due to the huge returns they brought in earlier this year. CoinGecko had previously named memecoin the most profitable cryptocurrency trend in Q1 2024 on April 3.

Many new traders bought memecoin in March

According to CoinTelegraph , memecoin has an average return of 1,312.6%, the highest among the top tokens by market capitalization. In addition, the rise of several projects such as Book of Meme (BOME) and Dogwifhat (WIF) has also helped spread the memecoin craze.

In December 2023, an investor made $2 million after buying Silly Dragon (SILLY) for just $62, a memecoin created as a joke about Solana co-founder Anatoly Yakovenko's Halloween costume.

On April 3, another trader turned $13,000 into $2 million within an hour of buying memecoin Donotfomoew (MOEW), which was minted on the Base blockchain. According to blockchain analytics firm Lookonchain, the trader bought 499.9 million MOEW for 4 Ether and sold 111.65 million MOEW for 99 ETH ($328,000). He now holds 388.24 million MOEW, worth $1.76 million.

Not everyone was so lucky. On March 15, an investor missed out on the chance to make millions by selling BOME tokens before the price skyrocketed. He bought 170 million BOME tokens for $8,000 and sold them for about $131,000. Those tokens could now be worth as much as $2.7 million on the market.

While memecoin’s rags-to-riches stories attract many people to bet on them, experts warn that memecoins are risky and highly volatile. Players can end up losing everything if they get caught up in the FOMO wave and don’t know the tokens they’re investing in. There are also many memecoin projects on the market that are designed to scam and lure inexperienced players.

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