The rises in March pleased investors, but after this process, many projects lost serious value. Most altcoins appear to have peaked with gains in the first quarter of 2024, but have fallen between 70% and 90% from their highs in March 2024. According to the latest data, the total market value of cryptocurrencies other than Bitcoin and Ethereum decreased to December 2023 levels, which has largely erased the gains made since the beginning of the year.
Crypto investor Andrew Kang believes that almost all altcoins have peaked in the current bull cycle. However, he maintains his positive outlook on memecoin projects, which could defy the overall market bearish trend: “More than 98% of altcoins will peak throughout the cycle, except for a handful of crypto assets that could create new highs in Q4 2024 and Q1 2025.” I believe you have reached it. Memecoin projects likely make up the majority of assets that can reach these new highs.”
While the performance of most altcoins is declining, memecoins are showing unexpected resilience. Memecoin analyst Murad Mahmudov predicts that the sector will dominate the next altcoin season: “People are gradually coming to terms with the fact that all altcoins are actually memecoins with some kind of technical confusion.”
Mahmudov's analysis points to a change in investors' sentiment. While institutional investors are largely focused on Bitcoin and to a lesser extent Ethereum, individual investors are turning to memecoin projects: “This is why tech altcoins are underperforming. “No one wants them.”
What's Happening in the Memecoin Space?
Data from crypto analysis platform DYOR highlights that memecoin projects have shown superior performance during market volatility over the last 90 days. They stand out with a relative strength of -0.37 compared to sectors such as Memecoin projects, Web3 gaming, and Layer-2 and Layer-3 technologies, which recorded lower strengths of -1.32 and -1.30 respectively.
Many so-called projects backed by high-level venture capitalists are actually considered projects run by white-collar fraudsters who raise funds with bright promises, keep the project going for three or four years, and eventually go bankrupt.
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