Venture investment in the cryptocurrency industry reached $2 billion in the first quarter of this year.
Cryptocurrency Koryo experts pointed out that the $2 billion figure broke a two-year downward trend and represented a 38% increase in investments compared to the fourth quarter of 2023. The number of transactions increased by 49% to 250.
Although the investment volume indicator is one-seventh of the all-time high (ATH), the beginning of the uptrend is reminiscent of the situation at the end of 2020, before the overall market grew parabolically.
Analysts noted several features of this reporting period. It’s an industry-focused company led by more than a pre-seed round, more Series A investments, more than double the Series A deal, and a16z.
The Ethereum ecosystem maintained its leadership in the number of transactions made by the network. However, Solana quickly caught up with blockchain metrics. According to experts, this is due to the boom of meme tokens on the network.
CoinGecko analysts also pointed out that memecoin became the most profitable cryptocurrency in the first quarter of 2024, recording a profitability of 1,312%. The top 10 by revenue included meme coins released in March, including Bullet, Book of Meme, and Cat in a Dogs World.
Bullet Memecoin’s profitability reached 7,727% by the end of the first quarter. This was followed by Dogwifat, which has increased 2,721% since the beginning of the year.
