In the first quarter of 2024, memecoins emerged as the most profitable cryptocurrency narrative, significantly outperforming Real World Assets (RWA) and Layer 2 narratives. According to a report by CoinGecko, newly launched Solana memecoins, including $BOME (@Darkfarms1) and $MEW, were among the top performers. The report highlighted an average return of 1,312.6% across the top tokens by market capitalization, with memecoins launched in March joining the top 10 largest memecoins list by market value by the end of the quarter. This surge in memecoin popularity also led to a record-high new memecoin trader count, as noted by Cointelegraph and supported by data from IntoTheBlock. Additionally, the impact of memecoins was evident in Solana's DEX volume growth.