The crypto industry saw a significant increase in venture investments, reaching $2 billion in the first quarter of this year. This marked a 38% surge in investments compared to the previous quarter, with the number of transactions also rising by 49% to 250.

Long-term Trend: Total investments and the number of projects invested in have shown an upward trend compared to the previous quarter. There was a 38% increase in the amount invested and a 49% increase in the number of projects invested.

While the current investment volume is still significantly lower than the all-time high, the upward trend is reminiscent of the market situation at the end of 2020 before the market experienced parabolic growth.

During this reporting period, series A investments outperformed pre-seed rounds, with a notable increase in series A deals. Industry-focused firms like a16z took the lead in funding rounds.

The Ethereum ecosystem maintained its leadership in the number of transactions on its network, but Solana has rapidly caught up with this indicator. The surge in Solana transactions is attributed to the popularity of meme tokens on the network.

Analysts at CoinGecko highlighted that meme coins were the most profitable cryptocurrencies in the first quarter of 2024, with a staggering profitability of 1,312%. The top 10 most profitable meme coins included newly released ones like Brett, Book of Meme, and Cat in a Dogs World.

For instance, Brett’s meme coin saw a profitability of 7,727% by the end of the first quarter, followed by Dogwifhat with a 2,721% increase since the beginning of the year.

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