Google search volume for the keyword “Bitcoin” has dropped to its lowest level in a year, reaching just 33 out of 100 during the week of October 12, 2024, despite Bitcoin’s price standing at $65,091.
In contrast, search volume for “memecoin” has surged to 77, though it has not yet surpassed the all-time high of 100 reached in late October 2023.
However, CryptoQuant CEO Ki Young Ju predicts that memecoin search volume will hit a record high by the end of October 2024 due to continued interest in these digital assets.
Memecoin Becomes the Best-Performing Digital Asset Sector in 2024
Memecoin has outshined all other sectors in the cryptocurrency space in 2024, showing no signs of slowing down.
According to Step Finance, as of September 12, 2024, 491,000 new tokens have been created on the Solana network.
On October 9, Solana Floor reported that nearly 20,000 new tokens had launched in the previous 24 hours, with most of them being memecoins.
As of an October 12 report, the total market capitalization of memecoins on Solana surpassed $10 billion, with a 24-hour trading volume of approximately $2.3 billion.
Platforms like Pump.Fun have fueled the growth of memecoins, thanks to user-friendly interfaces, low transaction fees, and fast liquidity on decentralized exchanges like Raydium, enabling nearly anyone to issue new tokens.
Earlier in 2024, Justin Sun launched the SunPump platform on Tron, similar to Pump, with 90,000 memecoins created since August.
However, trading memecoins carries significant risks and has been criticized by many investors, including Mark Cuban, who has stated that “every meme coin is a scam” and advised the public against trading these highly speculative assets.