Google searches for the term “Bitcoin” (BTC) hit a one-year low during the week of October 12, 2024. Out of 100, global interest in that search term had fallen to 33% by the end of the week.
Meanwhile, the search volume for ‘Memcoin’ was 77 out of 100 during the same period, but has not yet surpassed the previous high of 100, achieved at the end of October 2023.
However, CryptoQuant CEO and founder Joo Ki-young believes that memecoin search volume will recover to previous highs by the end of October 2024, as market interest in these digital assets remains high.
Google search interest for the term ‘Bitcoin’. source: Google.
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Memecoin will become the best-performing digital asset sector in 2024
Memecoins has outperformed every other sector in the cryptocurrency space throughout 2024 and shows no signs of slowing down for the remainder of the year. According to Step Finance, 491,000 new tokens have been created on the Solana (SOL) network since September 12, 2024.
On October 9, Solana Floor reported that nearly 20,000 new tokens had been released on Solana in the past 24 hours, noting that the majority of these new token mints were memecoins.
Creating new tokens in Solana. source: step finance.
Solana-focused news outlets also stated in an October 12 post that Solana’s memecoin market capitalization exceeds $10 billion, with 24-hour trading volume of approximately $2.3 billion.
Platforms like Pump. Thanks to a streamlined user interface, low transaction fees, and access to fast liquidity from decentralized exchanges like Raydium, fun has fueled the memecoin craze on Solana, making it possible for just about anyone to mint new tokens.
In early 2024, industry executive Justin Sun announced the launch of the SunPump platform, a memecoin creation platform on the Tron (TRX) network similar to Pump. A fun platform from Solana. According to Dune, 90,000 memecoins have been created on the SunPump platform since its launch in August.
Memecoin trading carries significant risk and has drawn criticism from investors, industry executives, and businesspeople. Investor Mark Cuban recently warned the public against trading highly speculative assets, saying he believes “all meme coins are a distraction from work.”
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