Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.
In October 2024, Google search volumes for “Bitcoin” dropped to a 1-year low, scoring just 33 out of 100 on Google Trends. In contrast, interest in “memecoins” skyrocketed, hitting 77 during the same period, driven by new token creation on networks like Solana and Tron.
Memecoins have been the standout performers in the crypto sector throughout 2024. Since September, over 491,000 new tokens have been minted on the Solana network, with nearly 20,000 launched in a single day. Platforms like Pump.Fun, known for their low fees and quick liquidity access, have helped fuel the rise of memecoins on Solana.
The total market cap of Solana-based memecoins exceeded $10 billion, with a daily trading volume of approximately $2.3 billion. The Tron network has also embraced the memecoin trend, with 90,000 new tokens created on Justin Sun’s SunPump platform since August 2024.
Despite their popularity, memecoins remain highly speculative and risky. Investor Mark Cuban has warned that “every meme coin is a rug pull in the works,” advising caution when trading these volatile assets.
As memecoins continue to gain momentum, the future of Bitcoin’s search dominance is uncertain, while some industry experts, like CryptoQuant CEO Ki Young Ju, expect memecoins to reclaim all-time high search volumes by the end of the year.