Top-Performing Cryptocurrencies of 2024: Meme Coins Dominate the Market

This study analyzes the price performance of the top 150 cryptocurrencies by market capitalization listed on the CoinGecko platform as of December

This study analyzes the price performance of the top 150 cryptocurrencies by market capitalization listed on the CoinGecko platform as of December 25, 2023, by comparing the price changes from January 1, 2023, or the earliest available data date, to comprehensively examine the annual investment returns in the cryptocurrency market. To ensure the accuracy and reference value of the data, the study specifically excludes derivative assets such as stablecoins, wrapped tokens, pegged assets, staked assets, and re-staked assets.

What are the top-performing cryptocurrencies in 2023?

Virtuals Protocol (VIRTUAL) led the way among large-cap cryptocurrencies with an astonishing 23,079.2% increase throughout the year. Commencing at $0.01311 on January 1 and trading below $0.20 for the majority of the year, $VIRTUAL price experienced a sudden surge in the fourth quarter, reaching a peak of $3.04 on December 25. This strong upward trend was largely driven by the viral spread of Virtuals Protocol's AI agent platform, which attracted a large number of cryptocurrency investors seeking dual investment opportunities in AI and Meme coins.

From an investment return perspective, if an investor had invested $100 in $VIRTUAL on January 1 and held it until Christmas, they would stand to gain a staggering profit of $23,079.

Closely following is Brett (BRETT), which has risen 14,784.6% from its initial issuance price of $0.0009766 on February 29 to $0.145 as of December 25, despite a decline from its historical high of $0.234 reached on December 1. Brett's significant increase also makes it the only Base chain Meme coin to date with a market capitalization of $1 billion.

In third place is another Meme coin project, Popcat (POPCAT), which saw its price rise from $0.007640 on January 1 to $0.8067 on December 25, marking an increase of 10,459.0%. Although Popcat was launched at the end of last year and became one of the leading Meme coins in the Solana ecosystem, its price only began to break new highs in March this year. Notably, Popcat became the first cat-themed Meme coin to surpass a market cap of $1 billion on September 27 and maintained that status for several months before experiencing a decline.

Interestingly, 7 out of the top ten cryptocurrencies with the highest increases this year are Meme coins. In addition to Brett and Popcat, other high-performing Meme coins include:

Another cat-themed token, Mog Coin (MOG), which increased by 6,051.0%;

AI-generated frog Meme coin Turbo (TURBO), which rose by 3,036.0%;

Recently launched Pump.fun projects Fartcoin and AI agent investment fund ai16z, which increased by 2,890.5% and 1,409.9%, respectively;

And Pepe (PEPE), which rose by 1,400.6%.

This performance surpasses the mid-2023 Meme coin frenzy and solidifies their status as some of the major Meme coins of the year.

Beyond Meme coins, $OM and $AERO

In this Meme coin-dominated year, $OM and $AERO also achieved significant gains. MANTRA (OM) ranked fourth with an annual increase of 6,418.3%, rising from $0.0584 on January 1 to $3.81 on December 25, making it the best-performing RWA investment project of the year, with a return rate nine times that of the next best RWA project, Ondo Finance (ONDO).

Meanwhile, Base chain decentralized exchange Aerodrome Finance (AERO) ranked sixth with an annual increase of 3,139.4%, rising from $0.0511 on January 1 to $1.66 on December 25, benefiting from the popularity of Meme coins and the Base ecosystem, which drove an increase in on-chain trading volume.

Bitcoin's price increase fell behind the top ten cryptocurrencies

Bitcoin (BTC) recorded a 133.8% increase in 2023, with its price steadily climbing from $42,208 on January 1 to $98,696 on December 25, comparable to the 162.5% increase in 2023. Among the 123 large-cap cryptocurrencies analyzed, it ranked 39th, outperforming 84 other