Market intelligence platform IntoTheBlock shows that the number of wallet addresses wallet address holding meme-related tokens for under 30 days hit a record high in March.
Memecoins displayed 1,312.6% returns on average, the highest among the top tokens by market capitalization. Projects like Book of Meme (BOME) and Dogwifhat (WIF) drove the percentages up amid the memecoin frenzy.
Stories highlighting life-changing gains may have also played a role in attracting traders into the sector.
A trader turned $62 into $2 million in December after buying a Solana memecoin. The crypto user caught wind of a memecoin called Silly Dragon (SILLY), which poked fun at Solana co-founder Anatoly Yakovenko’s Halloween costume.
More recently, another trader turned $13,000 into $2 million within one hour after buying a meme-based token.
Number of new memecoin traders hits record high
Personally, I never considered memecoin for long term investment but nowadays, people are going after every memecoin with the hope of changing their life like we see some stories online but in reality only few can make such profits while others are going to lose just like every investment, so I wanted to ask how to you see this craze for memecoins in the recent days.