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Memecoins and Gaming Lead the Way in March

Last Updated March 26, 2024 1:48 PM
Valdrin Tahiri
Last Updated March 26, 2024 1:48 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Memecoins and gaming tokens were the best performing baskets in March.
  • All other baskets underperformed BTC, which has increased by 15% so far this month.
  • Which tokens set the ball rolling in the memecoin and gaming baskets?

While there are five more days left in March, the cryptocurrency market will almost definitely post a bullish performance relative to the price at the start of the month.

With memecoins and gaming being the best performing narratives, it will be interesting to note whether the sectors’ leaders can stay in the driver’s seat and whether their gains will continue in April.

What Were the Best Performing Narratives?

March has been a mixed month for the cryptocurrency market, defined by considerable volatility. The BTC price reached an all-time high of $73,794 on March 14 but fell significantly afterward, dropping to $60,760 after six days.

The rest of the market followed a similar path, albeit with a different magnitude of upward and downward movements. All in all, Bitcoin’s price has increased by 15% since the start of March.

Interestingly, when comparing various baskets such as memecoins (orange), gaming (purple), layer-1 (orange), DeFi (blue) and others, only two have outperformed BTC this month. These are memecoins and gaming tokens.

Various Baskets Rates of Increase
Custom Daily Chart | Credit: TradingView

Memecoins led the way by a clear margin in March, increasing by 144%. In contrast, gaming tokens increased by 19%. The worst performing narrative was the Cosmos ecosystem (white), which fell by 8%. An interesting observation is that AI tokens also underperformed, despite considerable fanfare due to the Nvidia Conference. The basket of AI tokens (red) fell by 7% in March.

The memecoin basket is created by DOGE, SHIB, PEPE, FLOKI, BONK and WIF. Meanwhile, the gaming basket is comprised of GALA, AXS, SAND, APE, BEAM and RON.

Who Is Leading the Way?

Our previous long-term analysis noted that BONK is the memecoin leader using data from the entire bullish market cycle, closely followed by WIF. However, this changed in March, where FLOKI (white) is decisively on the lead with an increase of nearly 190%.

PEPE (orange) is in second place with an increase of 110%, but the recent WIF  (purple) rally threatens to overtake it. The SHIB price has also started to gain traction, while DOGE and BONK lag behind, with the latter the only one to have underperformed against Bitcoin’s 15% increase.

Memecoin Performance in March
Custom Daily Chart | Credit: TradingView

In the basket of gaming tokens, GALA (white) and RON (purple) are the clear leaders, posting gains of 67% and 57%, respectively. Both have been leading since the start of the year.

An interesting trend is the underperformance of BEAM, which increased by only 3% in March. It is, however, the second biggest gainer when measuring since the start of the year.

Gaming Tokens March Performance
Custom Daily Chart | Credit: TradingView

Unlike memecoins, GALA and RON are the only two tokens that have outperformed BTC, since AXS, SAND and BEAM have increased by less than 15% while APE has decreased in March.

Memecoins and Gaming Are the Defining Narratives of March

Memecoins were the definite best performer in March, outperforming all other narrative except gaming more than ten times. FLOKI, PEPE and WIF were the leaders in the memecoin narrative. Meanwhile, GALA and RON are the frontrunners in gaming tokens.

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