‘Memecoin’ Search Volume Increases as ‘Bitcoin’ Drops

From the search volume of the keyword ‘memecoin’ recently, interest in them has risen while ‘Bitcoin’ drops to a 1-year low.

During the week of October 12, 2024, the volume of Google searches for “Bitcoin” reached its lowest point in one year. The global interest in the search term decreased to 33 out of 100 by the end of the week.

In the meantime, the search volume for “memecoins” was 77 out of 100 during the same period, but it has not yet surpassed the previous all-time high of 100, achieved in late October 2023.

Nevertheless, Ki Young Ju, the CEO and founder of CryptoQuant, anticipates that the search volume for memecoins will regain its previous all-time high by the end of October 2024, as market interest in these digital assets remains robust.

In 2024, memecoins will emerge as the most successful digital asset sector

Memecoins have outperformed all other sectors in the crypto space during 2024 and are not expected to slow down for the remainder of the year. Since September 12, 2024, 491,000 new tokens have been generated on the Solana network, as per Step Finance.

Solana Floor reported on October 9 that nearly 20,000 new tokens were launched on Solana within the previous 24 hours. The majority of these new token mints were memecoins.

In an October 12 post, the news outlet focusing on Solana also disclosed that memecoins on Solana had a combined market capitalization of over $10 billion and a 24-hour trading volume of approximately $2.3 billion.

Platforms such as Pump. The memecoin craze on Solana was fueled by fun and facilitated by a streamlined user interface, low transaction fees, and quick liquidity on decentralized exchanges such as Raydium. This enabled nearly anyone to issue new tokens.

In 2024, an industry executive, Justin Sun, announced the launch of the SunPump platform, a memecoin creation platform on the Tron network similar to the Pump. The fun platform on Solana. Dune reports that the SunPump platform has generated 90,000 memecoins since its inception in August.

Trading memecoins is associated with significant risk and has been subject to criticism from business leaders, industry executives, and investors. Mark Cuban, an investor, recently expressed his conviction that “every meme coin is a rug pull in the works” and advised the public to avoid trading the highly speculative assets.