Crypto Koryo: Startup investments surge by 38% in Q1
The volume of venture investments in the crypto industry reached $2 billion in the first quarter of this year.
Crypto Koryo experts noted that the $2 billion figure broke a two-year downward trend and notched 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 seven times lower than the all-time high (ATH), the beginning of the uptrend is reminiscent of the situation at the end of 2020 before the parabolic growth of the entire market.
Analysts drew attention to several features of the reporting period: series A investments that outperformed pre-seed rounds, a doubling of series A deals, and industry-focused firms led by a16z taking the lead.
The Ethereum ecosystem retained leadership in the number of transactions by a network; however, Solana has sharply caught up with the blockchain indicator. According to experts, this resulted from the boom of meme tokens on the network.
CoinGecko analysts also noted that meme coins became the most profitable cryptocurrency in the first quarter of 2024, recording a profitability of 1,312%. The top 10 by profit included meme coins released in March, such as Brett, Book of Meme, and Cat in a Dogs World.
Brett’s meme coin profitability amounted to 7,727% by the end of the first quarter. It is followed by Dogwifhat, which has increased by 2,721% since the beginning of the year.
