Link: The GMCI Meme index, which tracks leading memecoins by market cap, delivered 320% returns in 2024, outpacing AI at 91% and the top 30 cryptocurrencies at 88% (The Block)

The GMCI Meme GMMEME index emerged as 2024's strongest performing sector, delivering a staggering 320% return. This notably outstripped the performance of other sectors such as AI and the top 30 cryptocurrencies, which secured 91% and 88% respectively.

The index began its growth in March, peaking at 550% in November before ending the year with significant gains. Such performance illustrates major market shifts, moving away from high FDV venture-backed tokens and towards community-driven platforms like Pump.fun.

Contributing factors included the advent of new, engaging coins and a resurgence of interest in established meme projects. Memecoins like Wif, Fartcoin, and Pengu garnered attention, alongside veterans like Doge and Shib.

Throughout 2024, memecoins showcased remarkable resilience with sustained trading volumes across various exchange platforms. Different meme trends emerged sequentially, capturing market interest and ensuring active retail participation.

Retail investors increasingly influenced market dynamics, preferring tokens that emphasize community involvement and organic growth. This shift suggests a substantial opportunity to move away from traditional investment models towards more grassroots-driven initiatives.

While demonstrating exceptional returns, the GMCI Meme index broadly represents trends within the memecoin market rather than specific token metrics. It serves as a benchmark for assessing overall category performance #

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Yoooo, this is a quick note on a link that made me go, WTF? Find all past links here.