The crypto hype in the first three months of the year has been quite strong, helping the world’s largest digital coins reach their multi-year highs. The world’s largest and most expensive crypto, Bitcoin, jumped 59% in Q1, reaching an all-time high of $71,100 last week, while Ethereum’s price was up 50%. Still, that is much less than the price growth of Shiba Inu and Dogecoin, the best-performing cryptos among the top ten.
According to data presented by Stocklytics.com, Shiba Inu is the biggest crypto gainer in the top 10 club, with its price surging by almost 200% in Q1. Avalanche follows with just as impressive 142% growth.
2024 Crypto Bull Run Pushes Meme Coins Back into the Spotlight
The 2024 crypto bull run, which some think could be the largest crypto space has ever seen, has pushed meme coins back into the spotlight. In fact, Shiba Inu and Dogecoin ended Q1 as the biggest crypto gainers.
According to CoinMarketCap data, Shiba Inu was the best performer among the ten largest cryptocurrencies. Over the past three months, the price of a single SHIB token has jumped by 196%, reaching $0.000031 last week. Moreover, this shows that the popular meme coin saw three times bigger price growth than the world’s largest crypto, Bitcoin.
This impressive price surge has helped the world’s twelfth-largest cryptocurrency to add nearly $12 billion to its market cap, rising from $6.3 billion in January to $18.6 billion last week. But despite reaching a multi-year high, Shiba Inu’s price is still 60% below its all-time peak from October 2021.
Dogecoin was the second-largest crypto gainer in Q1. After a sluggish performance throughout 2023, DOGE is enjoying renewed interest in the crypto market, which pushed its price way above the levels seen in the past two years. Since January, the price of a single DOGE coin has grown by an impressive 146%, rising from $0.089 to 0.22 last week. Also, the meme coin’s market cap has increased by almost $18.5 billion in three months and now stands at $31.6 billion.
Statistics show Toncoin saw the third-largest price growth in Q1. In January, the price of a single TON token stood at $2.1; last week, it was $5.1, showing a fantastic 142% increase in three months. BNB ranked as the fourth-largest crypto gainer with a 98% price growth in the year’s first quarter. Solana, Bitcoin, and Ethereum follow, with 85%, 59%, and 59% gains, respectively.
Top 10 Cryptos Make 80% of Total Market Value
With the 2024 crypto bull run raising their prices, the ten best-performing cryptocurrencies have increased their market share even further. According to CoinMarketCap data, Shiba Inu, Dogecoin, Toncoin, BNB, Solana, Bitcoin, Ethereum, Avalanche, Cardano, and XRP now make 80% of the total crypto market cap, with a combined value of over $2.1 trillion as of last week. This figure is even more impressive if knowing there are more than 9,300 cryptocurrencies in the market.
